More than 10 years ago, the U.S. Department of Education estimated that the average age of American school facilities was 40 years. With the slowing education construction market, one can assume that this age is continuing to rise. And this system of aging school facilities begs the question: Renovate or replace? When schools are looking at their shrinking resources and ever-growing list of demands, smart financial planning and high-value capital investments are of primary importance. For any given facility, three options are available for school decision-makers: (1) renovation; (2) new construction; and (3) selective demolition and renovation. These options provide the basis for organizing a facility analysis. It is important to keep in mind that the best solution takes into account an education institution's long-term goals, objectives and condition of existing facilities.