Develop the house next door?

Finally decided to renovate or knock down/build our investment free standing house next door.We rent it out for $900, and believe that we could rent ours out for around $2000, we could move into the new build, so the extra interest for the build should be a no brainer? Today we did a bit of research and viewed some narrow block houses. Quite impressed, around $400000 for double story with impressive stuff. After doing the research, as you do, we find that the builder has a poor track record and we have been scared off!! Now we will continue looking for decent project builder, or perhaps go the architect/ builder route with good recommendations around $1400 psm. Has anyone got some ideas on way to go? Should we reno old house, put another floor, or spend around $400000 for a new project home? Much appreciated!
 
While Metricon aren't known for their quality, their website has a heap of very aesthetically pleasing designs that can fit on narrow blocks. If you're a bit uncertain or feel like future-proofing the house you can always pay more and specify that you want them to use a higher gauge steel for the frame, closer stud and truss spacings or even that the design must pass the requirements for a higher wind region than the one that it is being built in.
 
Spent the whole morning in Minto Heritage and Oran Park, looked at Wisdom, got all their info, liked the metro very much, cool finishes, they say that they may not build in North Bondi. We will check Metricon. My wife found a cool house, Santum Design, will have a meeting with them. On the phone they sound great, medium to high standards, around $2000 psm. Thank you guys
 
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