The short answer
Often, but only if structure and services are sound — renovating a weak structure usually costs more than starting again.
Renovation avoids demolition and new approvals in many cases, so it can be cheaper and faster. But if the slab, columns or wiring are at the end of their life, incremental repairs become repeated expenditure.
Get a structural assessment before deciding. Also confirm whether the proposed changes require fresh sanction — adding floors or altering the facade almost always does.
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