House extension/buying dilemma

[Whatinthelord]

We currently live in a rather sad ugly looking 3 bed ex council house. The road isn’t very nice looking but we love the village we live in. The 3rd bedroom is tiny and we currently have a downstairs bathroom.

We were thinking of extending to be able to make a larger bedroom and move the bathroom upstairs but now I am wondering about selling and mixing instead.

Moving would almost certainly be more expensive but we’d end up somewhere nicer probably.

Given the choice would you stick with a small/uglier house that you knew you could easily afford and pay off the mortgage on with lots spare.

Or would you go for something nicer and more expensive.

We considered getting a more expensive house that would extend our mortgage term with a view to living in it with the extra space while the kids are at home (currently 5 and 7) but with the idea we would downsize when they are adults to shorten the term (if we didn’t manage overpayments etc).

Sorry so why I am asking is….

What would you rather…
A) stick in the less nice house but very affordable
B) move have slight more outgoings (but not beyond our limits) and accept downsizing at a later stage if required?

I would go with the best location for the money. I would extend the council house of the area is good but not just because it's cheaper. If the area isn't good I would move.

B

But only because you’re proposing moving somewhere nicer.

If the options were bigger house but same area I’d probably just extend bc then you’re getting the exact style and finish you want.

But as you’re proposing a nicer area too then I’d move. You can have the most beautiful house but if the area is a bit meh then you’ll never be truly happy - my personal opinion anyway.

If you’re not going way out of your comfortable budget and you’ll get a bigger house and a better area for the key childhood / teenage years then it’s a no brainer.

It’s exactly what we are planning to do in 5 years.

@tootiredtospeak

I would go with the best location for the money. I would extend the council house of the area is good but not just because it's cheaper. If the area isn't good I would move.

Our village is nice but the few streets we are in not so much. I grew up on council estates so not bothered by that, but ours is very run down looking. Doing anything too much to the house feels pointless.

I would go with the nicer house if I knew I could afford it. If dc were teens, it would be different, but you have a lot of living left to do in a house and I'd rather live somewhere I really loved.

That said, the house market is a nightmare right now and house prices massively inflated (we've been trying to buy for a year and a half with vendors pulling out and being gazumped, etc.). I would wait a year before doing anything if you can for better value.