I need help deciding whether to extend or not.
2 adults and 2 teens. 3 bed bungalow, living room and kitchen. Would love an office, guest bedroom and maybe a second reception room. We could have this if we have a loft conversion.
Here's the dilemma. We are due to finish our mortgage in 6 years at 58 and intend working a few more years beyond that to save money for retirement.
If we extend our mortgage will be another 6 years so we'll be 64 and then need to work a few more years to build savings.
Children will possibly be going to Uni in 3-5 years so this has an impact financially.
We really want to do this project but worry it will force us to sell when we want to retire. We love the area and have ties here so really want to stay.
What would you do and has anyone done similar? Would we be adding lots of value?