It is generally more expensive to build a new home than to renovate an existing one. In some cases, however, the opposite can be true, such as when renovating a particularly old building.
Renovating older buildings can be expensive because they are already in poor condition, but it is also necessary to keep them safe for human occupancy. When done properly, renovations can help bring a building up to current code requirements by ensuring structural stability, accessibility for disabled individuals, and greater security measures.
When done correctly, renovations can help increase the quality and safety of a building. This is particularly relevant for older buildings because they have been around longer and have had time to deteriorate from age, weather, and other natural elements.