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Then you'd end up with two houses instead of one. Seems like a better deal? Also remember the non-financial dividends; the feeling of living in a new home every day.

You'll need to do the sums. What exactly will you end up with renovating vs building a new PPOR and what will they both cost? Also how much is a renovated vs new house worth in your area? If you want to build new, you will need to factor in where you are going to live and associated costs...