Build or buy?

[FreakyPurple]

We have an opportunity to buy a lot in a development and build - it's not huge sqm as is typical for new developments but we can build our "dream" home. Or we could spend less on an older property and use some of the leftover money for much needed reno/rework but...it is double the lot size. It is unlikely that we'll have another chance to buy and build in our city so also thinking about that.
If you've built/ bought before, what would you do?

I've done both. Go for the option that has the biggest lot size or completed house size. You are able to put your stamp on both options. A reno can be just as satisfying as a new build so go for the option that is the beat space and use of money overall.