We have some options about our home right now.
Our house is currently owned by mil and her sister. Right now it being discussed as to what to do with the house.

SO there are these options.

They stay the way they are, and we keep paying rent. They renovate over time.
mil buys sister out, renovates.
Sell the house, go halves in the profit, and then for us to use that money to buy something else or build.
Or mil buys out sister, demolish house and build on our current land.

I was wondering what you would do? I have very little how much it would cost to demolish a house, but a quick google, says about 20k, renovations would be at least that long term.
Renovating the house would mean the possibility of putting a 2nd storey on, new kitchen, paint, new bathroom, laundry, floor coverings etc.