Renovating vs New Build

[John Vela-Garcia]

Hi all, I am located in Denver and was curious if anyone has experience with completely renovating a home vs building a brand new one.

Situation:

I am currently looking into buying a home that is 4,500 sq ft, but requires the entire house be renovated. There wouldn’t be much structural change, maybe just making the family room a bit bigger by removing a wall, otherwise it would all be cosmetic renovating. How much would something like this cost?

The alternative would be to buy a lot and build a new 4,500 sq ft home. How much would a brand new home cost to build with mid-grade finishes (excluding land as that varies)? Hypothetically, the lot is flat and is ready to build but is “unimproved land”.

Any help is greatly appreciated!