Engineered Wood Floor Removal?

We are getting ready to replace the old carpet in our living room and the 20-year old, glued down engineered wood in our dining room. The two rooms flow into each other and we plan to lay laminate in both areas. I've gotten a couple of estimates and it seems like we have two options:

1. Rip up the engineered wood, which could be costly, difficult and potentially damage the plywood subfloor underneath.

2. Raise the height of the subfloor under the carpet to match the engineered wood and lay laminate over top of it all.

We are on a budget but want to be sure we make the best choice. Any thoughts would be greatly appreciated!