The ANZ Bank have produced some thought provoking comparisons on the viability of building a new home versus renovating your old home. There are pros and cons for each and their website article may help focus your decision making. Have a look at their website http://www.anz.co.nz/personal/home-loans-mortgages/building-renovating/options/
A good idea is to talk to Stewart Construction. Our goal is to create capital for our clients. Through consultation we have saved clients many thousands of dollars and we would be happy to discuss your building or renovation options with you.