Most educational institutions have faced the decision whether to demolish, abandon or sell a facility. This article discusses how institutions can decide whether to renovate or build new. The author suggests to develop a campus- or districtwide master plan. A long-range master plan includes assessments of deferred maintenance, educational adequacy, life-cycle comparisons, construction costs (short- and long-term), parity and equity, mandates and code compliance. The assessments take into account the institution's teaching mission and educational philosophy. Master planning helps to measure a building's useful life, identify needed improvements and map out its future as it relates to enrollment demographics and educational adequacy. The process for decision-making is more all-encompassing than setting a "percentage threshold" comparison to replacement cost.