3 options sell and buy. Bulldoze rebuild or rent and rebuy

Ok so my current place is worth around 550k current owe $220k but place is to small for me and also ceiling height to small so I just to duck everywhere so am weighing up options.
Do I rent this place out there I like the location and people in the street and proximity to school and look to buy another place which is most likely going to be 600-700k in the same area to get to a more modern place. Or because I like the spot would it be better to spend 300 odd K on a house I really like which just seems like a cheaper option. Or do I just sell this place and use all those public Xtra funds on an existing dwelling that will hopefully better suit me.
I intend to stay in the place 20 plus years as kids grow up. I mean I potentially stay here till I die.
Just after some I out in what peoplele think would be a good idea . I am nearly 50 so not looking to go gangbuaters to get rich people f property or anything like that

 

Partly depends on what money you have available and how much you can borrow. If you sell and buy for 650k then you will need to borrow 350k.

If you rent out and rebuy how much can you borrow?

300k to bulldoze and rebuild. Where will you get the money? If borrowing you end up with 500 plus debt.

Is the ceiling thing because you are really tall, or the house illegally low ceilings?

 

So your current place us worth around $550K. Add around $300K to demolish and build gives you a house that has cost you $850+ in rough figures.

You say you can buy a suitable (similar?) house in the same area for $600K-$700K.

Sounds like the knock down rebuild option will be far more expensive and may be over-capitalising for the area.
Marg

 

Worth $550,000 now - but perhaps it was purchased for $350,000 and has increased in value...?

 

Doesn’t matter what it was purchased for, you have to work with its value now when calculating whether a project is worthwhile financially.
Marg

 

Purchased for 450k. so if i spend 300k grand total is 750k for land and house
So if i sell and rebuy im probably looking at around 40k in sales cost, taxes and stamp duty's on new place if say i sell mine for teh proposed 530k and buy around the 650-700k mark

 

if i rent out and rebuy im projecting i can borrow around 500-600 max which might leave me short ona place as avg hosue around here than im looking at is approx 700-750
300k would be borrowed but by time things get in motion i might only need to borrow 200-250. Another option is to wait a few more years and that will knock that amount down a good amount

yes i am thinking 500k debt for rebuild but thats less than the 200k left on this place and upwards of 600 for another place. then take into account have to pay tax on the rent ect to
and you can depreciate a new dwelling also?