Mike :

I have been through both processes building and renovating several times. In fact renovating requires a mental process much like building -- i.e. - being able to see potential and understand how to get there. It often takes pro help even for those who have been through the process as no one has all the ideas and answers. Also renovation is an ongoing process as there are always things you want or need to change even on a new pond you design. There are also a thousand ways to change/renovate an existing pond to make it better.

Many good replies above so I will not repeat any in that regard. Do take into account the entire piece of land and its potential not just the pond. Which one do you like better and remember that the one without a pond will change much with the addition of a pond. We will not buy a tract with or with out a pond with out getting the advice of knowledgeable pond owners/managers/builders who have seen the land and pond. Often they are friends who know what works and we swap helping each other. But we use pros also and every time when endg. questions arise. Good luck and let us know what happens.