The best replacement for refurbishment is new build.

The best alternatives to refurbishment are rated as following:
★★★★★  new build
★★★★  redevelopment
★  demolition
  new building

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No companions for refurbishment have been suggested so far.
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Google Trends

Scale is based on the average worldwide traffic of refurbishment in all years. Click on graph for more.
refurbishment
new build
redevelopment