AIBU - borrow more money or move?

[twolittleboysonetiredmum]

Having a slight argument with the DH and would really appreciate some insight as an genuinely lost amongst it all.
Last year, we released some equity when we remortgaged to extend the house. It will remove a broken conservatory, knock through a kitchen and dining room and add a shower room. House is a 4 bed detached but only has one bathroom and toilet so the shower room is key as we have three chn as well. Plus the extra space downstairs and removal of a leaky conservatory.
However - the money we have released isn’t enough and to extend with low cost fittings, we need to borrow approx £20k more.
For context - house is worth 250, if we move to a house with same bedrooms and two bathrooms it’s circa £100k more in this area.

I think we should loan the money and view it as almost like we moved. Would take approx 8 years to pay back looking at realistic loan costs.
Husband thinks we should either a) move or b) not do it and build a new conservatory and replace the kitchen (also very old and falling apart)

I disagree.

Who’s being unreasonable?

I'd do the work on the house I'm in

H is being U.

I wouldn't move. Legal fees, stamp duty, early repayment charges on the mortgage if you can't port - all expensive!

Take the money out. It’s always cheaper to do up the house you’re in. By the time fees, moving costs, solicitors, surveys, upgrades to sell etc are factored in you’ll probably have spent the best art of 20k regardless.

It's not always cheaper to do up the house you're in, no.

But for the sake of borrowing extra £20k I think you should do it if you're happy with it otherwise, the location etc.

Re do kitchen, factor in small shower room, not extend

I don't think either of you are being unreasonable - it is just different opinions.
Personally, I think I would borrow the extra, and go ahead, if the bank are happy. It seems a lot now but is well worth it.

Thanks for the quick replies. Location is ideal - If we did move it would be within the same village.
Hadnt thought about stamp duty as a potential cost actually thanks!
We could do nothing - just redo kitchen and patch conservatory. But that seems daft if we want to stay in the house for a long time as once our chn are teenagers, we’d want the extra space and bathroom surely?
But I’m normally quite frugal hence why I’m not sure I’m right about borrowing further to sort it 🤔

Why not price out both options, then compare what they do to resale value. How extra space would your husband's plan B add?

It would add an extra foot or so if we replaced the conservatory - so not much really.
How could we find out resale with both options? I’m not sure if that would matter as part of the reason we’d be working on this house is so we wouldn’t have to move for a long time

Do you really want the conservatory? Could you build out into the space instead/as well?

No I really don’t want a conservatory - but the building out bit is what we’d need to borrow more for.
We could also do the main shell of it all then not fit in a bathroom/find a second hand kitchen and borrow less and finish when we’ve managed to save more. But we’re crap at saving so could have an empty room for years!

Don't go half baked - I'd say build and finish it, it won't work to just do a shell. You want everything connected there, as well as plastering, tiling and flooring done. You won't be able to have just a shell, it will be cold and pointless if you can't use it and if you're no good at saving it could take a long time to make it usable.

How much are you borrowing? Would extra £20k still be under £100k total? If so it's a no brainer. I personally would borrow extra as well, you need a contingency for these type projects and finishing touches always cost more than you think.

We’ve released 50k approx and would need another 20 to ensure it was finished. Agree re half baked. It would worry me that we’d never finish if