Should you remodel your new home or knock it?

It’s really a personal decision where you weigh up your affection for the old house against the allure of a shiny new living space. Picture: iStock
My partner and I are looking at buying an old dormer bungalow. It doesn’t really have any character to speak of. We reckon it was built in the early 90’s and we feel that in truth there isn’t much we would really keep, apart from the front living room which has a nice fireplace and seems a good size. Otherwise the rooms are either too big or too small and it seems there is a load of space wasted. We have a generous building budget so my question is; should we seek to renovate and remodel the existing house or to knock and rebuild?