After over 30 years of renovating, building and inspecting houses one of the biggest and most costly mistakes I have seen home owners do is start spending money on renovations without having a clear end result in mind.
During my home inspections I see many houses that would be better off if the client just bulldozed the home and started again.
It’s also a lot cheaper usually to have a good home builder build you have from an existing plan than to start from scratch
In fact one of my friends who is a builder bulldozed his home and had a Henley Home built on the property because he said he had no hope of building a home of that quality for a better price.
To demolish or renovate is another piece of advice I can give you when I do your home inspection in Melbourne