PI 7.1 Dual stack to PI 7.4 Dual stack upgrade

Hi SAP friends,

We are planning to upgrade PI 7.1 (Dual Stack) to PI 7.4 (Dual Stack). Please suggest best way to do this:

1. In-place upgrade PI 7.1 to PI 7.4 (Dual Stack)
2. New Install PI 7.4 (Dual Stack) and migrate the contents from PI 7.1

Thanks

Vikas