wwyd- moving house

[calilark]

We live in a nice little 2 bed. Nice enough area, lovely outlook as backs onto woods. Potential to extend into the loft and out the back, although we wouldn't get the money back due to there being a 'ceiling' on house prices in the area. Just me, DH and DS. no more kids planned.
We could be mortgage free in 12 years. I'd be 47, DH would be 53, DS would be just starting uni if he decided to go.

Would you stay put with that prospect? We are contemplating moving for some more space (3rd bedroom for guests, another loo, a study for me) but mortgage free in just over a decade is v attractive. We'd also have more disposable income in the meantime for nice things.

WWYD? stick in the slightly too small house in the ok ares and be mortgage free? or move house, stretch yourself for bigger payments for the space, nicer area and ability to downsize and get some money in the future?

I think it depends on the 'jump'.
Don't get me wrong, I understand the attraction of being mortgage free, but I also understand the attraction of having a downstairs toilet, slightly more parking, and a 'study'. Don't know your circumstances as to whether a 'guest room' would be an asset or not.

We'd be looking at borrowing probably another 100-120k to move, to get to something which actually has more floor space and is in a better area, with garden as well. Our house was a bargain, but has good sized rooms and that lovely outlook with the woods, rather than a back lane.

I have been watching the market for a couple of months and haven't found anything which wouldn't be a step backwards in terms of location, or is just a smaller 2nd bedroom + box room.
3rd bedroom would be so family can come and stay without having to sleep on the sofa!

I would extend in your position. Would cost you 20k to move (based on value of your house) which you could put into an extension. If you're happy to live there for the foreseeable then I wouldn't worry about ceiling prices of other properties, you would be building a home to live in.

I would get a smaller loan and extend. We would have been mortgage free in old house in 11 years but unfortunately couldn't stay as it was too small and we couldn't extend. We now have 23 years left on mortgage so will be in our early 60s now before we are mortgage free which is scary. We don't intend it to take that long and hope in two years time we can decrease the term but who knows.