I agree with you about watching out for the legal stuff and for anyone contemplating purchasing property, providing you research and then research some more then you will be well armed to ask all the right questions from all the right people.
Go around all the Estate Agents asking questions, the advice they will give you is invaluable, also, it particularly helps to use one that lives in and knows the area of your choice really well AND remember to check out your agents credentials as well. A good agent will not resent this and it confirms that your intentions are serious.
A good Agent will know all the rules and regulations regarding purchasing land and the subsequent building on it, a local agent should also have better knowledge of planning zones in his area. If you do choose an agent local to your area problems can often be resolved quicker because of the local contacts they have.
Renovating has it's problems too, as more often than not the costs escalate over budget, but then it would be unrealistic to expect otherwise.
I think both options are exciting and like everything worth achieving in life there will be highs and lows.....I can't wait to sit on my terrace with my glass of wine in hand. Bliss...