We are a family of 5 living in a 3 bed terraced house.
pros:
-huge living room
-good size bedrooms
-scope for extension on front
-scope for loft (neighbours created 2 bedrooms and a bathroom)
-lovely quiet neighbours
-conservatory where we put our dining room/play room
-good area, close to good schools
cons:
-no drive
-small garden
-thin kitchen
-currently only one bathroom/loo
-my girls share a room
I think about moving a lot but what we can afford, is it much better? New builds are so expensive and you still get the small garden. Older houses… we still seem to be stuck with 3 beds and generally smaller living rooms.
is it really worth spending extra for something pretty similar or a little bit better?
for context we owe about £170k on our mortgage and our house is possibly around £330k now. We are in our 40s and this is our first house. The houses I think are worth moving for are around £500k (big garden, drive, 4 beds) but I will say they don’t come up often and they get snapped up. New builds in this area… are silly money… 4bed ones are around £700k.
A bit of me wonders if we should stay put, pay the mortgage off quicker and enjoy being mortgage free a bit sooner. Maybe do a loft extension.
Our kids are primary school aged.
What would you do?