The pros of rebuilding are; we get a brand new house, we can adjust the floor plan to what we would like, we won't have to worry about fixing things or sudden problems.
The cons are; it is a new house and would lack the charm of an old house, we have to find a place to live while we are rebuilding and we may have to jump through hoops getting the neighborhood and city to agree. We would like to keep to an older arts and crafts style house if we were to rebuild.
The pros to renovating; we get the house to look the way we want it too, we have very little to do and can add/change/fix things as they come along, we still have a cool old house in the city, it will still probably be cheaper overall.
The cons; dealing with settling, unexpected problems with the house, constantly having to fix something.
Thoughts?