The decision to remodel or renovate depends on your specific circumstances, goals and budget. Remodelling is significantly cheaper and quicker to complete, allowing you to work with your existing structure while updating certain areas or features of your home. Remodelling, on the other hand, offers greater design flexibility and the ability to incorporate modern energy-efficient features, but it tends to involve higher initial and final costs and longer lead times. Ultimately, the choice should be in line with your long-term property goals, taking into account factors such as the current condition of the home, the desired outcome and the potential return on investment.