Am I mad to move -help!

[Miranda56]

Hi! Need to see what people think about my current situation to help me decide if I am doing the right thing...
I currently live in a terraced house which has been extended with a loft bedroom with ensuite shower room and an extended kitchen. We don't have a mortgage. So we are very lucky! We have the opportunity to buy a semi detached house in need on complete renovation. It has 3 bedrooms but could be extended to have 4 bedrooms an extra reception room and a much bigger kitchen and garden. I am trying to think of the future and the possibility of having parents to live with us and probably our children living with us for a long time to come yet - they are currently 14 and 12. In order to move we would need to take out a very large mortgage and it would mean having a mortgage until we retire in 15 - 20 years time. It would be twice the mortgage we originally took out on our current property! We think it is a chance we need to take as we will never get the chance again to have a beautiful large house big enough to look after our children and parents alike. In the current economic climate - am I doing the right thing? Please help! Am interested to hear your views. Thank you.

If you do need to look after your parents and you need space for that ? do it.
If it is just hypothetical, then I would probably stay put. Financial sanity and peace in your sleep is very important, too.
Bigger house always means more costly maintenance, higher council tax etc.

Thanks Littlecrystal. Think we are letting our hearts rule our heads at the moment. It is hypothetical regarding parents, but could still happen. The house is in the road we have always wanted to live in and would allow us the living space we would need for the future, but I totally get what you mean about financial stability. We have lived in our current house for 17 years and worked really hard to pay off the mortgage, going without holidays etc.. And have just finished getting it the way want it! The other house unexpectedly came on the market and we weren't planning on moving, but it is a real 'bargain' and not sure if we can let the opportunity go without looking back and regretting what could have been.

Your dc's ages make me think that by the time you've done the work you'd want to do on the other house, they'd have left home, so maybe that's a factor to consider. It would make sense if your dc were 10 years younger, but at their ages less so.

Also unless you have serious reason to think your parents or your inlaws are going to live with you in the future, it seems a strange thing to expect.

Do you think you would want to live in the larger house long term, after your dc have left home and if there were just the two of you?

You might regret it if you don't go for the opportunity, but of course you might regret it if you do, when you have building work and a mortgage to deal with.

I agree with littlecrystal, unless you have to do it I wouldn't. Enjoy the hard work you've put into paying off your mortgage (well done!) and take a few holidays etc. Then if you still feel like you need/want more room then do it. But it sounds like it's just the house/road you want. And I'm sure you're more likely to regret having a huge mortgage to pay off and little money leading up to your retirement then the other way around.

But that's just me - I would prefer financial security over a bit more room. We live in a two up two down and yes would love an extra room but my mortgage repayments are so cheap I'm able to pay off more and can't wait until I'm bloody mortgage free!!