Often, a conclusion based on one of these criteria conflicts with the conclusion drawn from the other. A financial analysis, for example, may leave no doubt that a new building will serve best, while campus tradition may argue strongly for a renovation that preserves a historic building and the long-standing architectural identity of the campus. Policy makers will make the final decision. Crunching Numbers Mills also recommends evaluating both renovation and rehabilitation project costs as well as replacement costs. Renovation and rehabilitation are two different things to Mills.
Renovation involves minor changes in a structure.
It might include remodeling rooms and making minor electrical upgrades, but it is primarily cosmetic. When you are done, you will still have a double-loaded corridor configuration with gang showers. To rehabilitate a structure, you would tear out the partitions and reconfigure the interior. If it's a residence hall, you might install suites, separate bathrooms and kitchens. A rehab, of course, carries much greater costs than a renovation.