Stay or move - WWYD

[Roo84]

Currently live in a 4 bed detached in a desirable street. Husband works full time, I work part time. Two children ages 4 and 2. We live a nice enough life, enjoy holidays etc but not lavish and don't have lots of luxury's.
We are fortune to have around £160k equity in our home and currently easily able to afford the repayments.
Dilemma is, do we stay where we are and do additional borrowing on mortgage to finish house to the exact way we want it, or downsize to a 3 bed, possibly semi, and likely to be a Reno project but potentially end up with a overall mortgage of around £80k less.
Project we've seen would be a full refurb with small extension, a guesstimate figure we think it may cost around £80k to do.
The prospect of a much smaller mortgage is appealing, the thought of the Reno not so much.

Schools would be my first thought. Are you in the catchment for the one you want your children to attend and would this change for better or worse if you move. I wouldn't move from a detached house in a good area that I could afford if I didn't absolutely have to. Save like crazy for the next 2 years and borrow the smallest amount you can to make improvements.

In ten years time when your kids take 3/4 hour in the bathroom and both play their music loud till all hours
which house will you want to be living in ?
schools
shops
friends
garden
etc

You can't make a silk purse out of a sow's ear. By the time they are 5-6 and running around, a 3 bed semi is going to feel very small, however big the extension is. Also you won't have a spare bedroom for guests, PILs, junk etc. (maybe an advantage...).

Stay where you are, remortgage, do the house up to your standards..enjoy