As a home gets older and the residents change, occasionally, the structure may need to be replaced or updated with a renovation.
A renovation may be necessary because of damage to the structure or in order to improve the accessibility for aging residents. More often, renovations are a way to refresh a home or make it pleasanter. It is usually cheaper to change an existing house than to buy a new house and move. But if you live in a rental, there are often restrictions on the changes you can make -- even if extensive improvements were allowed, you probably wouldn't want to spend that much to improve someone else's building (unless you have a guaranteed long-term lease).
Related
External links
- Wikipedia's article on renovation