First investment: build or buy? Need help with options

Myself and 2 other family members are in the process of getting a loan approved for our first investment. We have been looking at building a new home in a new estate close by and I was wondering if this would be a smart option? I have been tossing up whether to build from scratch or buy an older house close to the area we are looking to invest in and then renovate. I have no experience in renovations and I’d like to make this first investment as profitable as possible. If anyone could give me some feedback, id really appreciate it.