ELI5. how do old builduings get refurbished? Façade and structurally? What is more cost effective: destroy+rebuild or refurb?
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There is not a single answer to that question, it will be it depends.
There will be situations where tearing it down and rebuilding is cheaper than repairing. It will simply depend on how large part you need to fix.
There is also a difference between fixing something that is damage compare to modifying it so it is more modern.
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