New build (big money) or modest move older house?

[Crikeyblimey]

I'm having a crisis of risk taking!

We are in a fortunate position to be mortgage free on our current house but I have grown to hate it! The major downside is no off street parking (plus no spare room).

We have seen a new build that is loads bigger, beautiful but would mean taking on a big mortgage (not outrageous but hey).

There are also a few really nice properties in a slightly better area than the new build (closer to school for ds to walk home, so he can do all the after school activities he wants - high school).

So - talk to me. Do I go all out for a big expensive house or do I go for a moderately sized house in a slightly better location and have much much smaller mortgage?

Maybe I'm just scared of letting go of so much disposable income (but I'd have a fuck off beautiful kitchen / family room, en-suite and guest room).

Personally I would go for the older property in a better location. New builds can be great (I lived in one for 5 years) but it was a struggle to sell. There is always a newer new build on the market. So if you want to stay put a while older properties are the way to go.

I have a new build. I love it. Warm. Spacious. Everything works. No diy at the weekend.

But, location is supposed to be important one

The new build is only a mile and a bit from school but ds says 'none of his friends live there'!! The village is slightly less 'des' than the nearby town.

I would go for older property in better area. New builds scare me especially if it is a big developer rubbish quality and small rooms spring to mind

Hmmm, tricky one- I am pondering a similar dilemma at the moment and I don't have an answer yet. I think it depends so very much how you personally value a house versus the freedom that the income gives you and what your attitude to risk is like. Also, how old you are, how old kids are (or whether you plan to have some if you don't already), whether family live close by or whether you'd need to move nearer (or further away!) later on. And how you like your jobs and how secure they are, because that spare income could be saved so that you work less and have more fun. I wouldn't ever lock myself into a job I hated for the sake of a house.

Can you get the moderately sized house and extend it to get the kitchen that you want? Use the side return and some patio?

Compromise!

Thanks all.

Answers to list of things:
We are in our late 40s (me) just turned 50 (dh).
Love our jobs. Mine could reduce in salary possibly as currently on secondment to better post (but likely ill get it permanently) however, we have done all sums on my substantive post (lower income).
1 x ds aged 12
Dh's parents live 250 miles away - we would never be in a position to move closer to them (they are both in their 80s already). My parents both dead.
We seem to be quote risk averse (but whilst it has given us security, we don't seem to have for that far compared to friends who take more risk).
I have no idea if the beautiful house will make me happy cos I haven't had one. I suspect it will but if I'm having to scrimp on things like school / scout trips, weekends away with friends / the occasional meal out - I might feel differently.
I have a big family, all close by and we do get together - I'd like to be able to host occasionally.
We are a bit lazy (and indecisive! I know I hide it well, don't I!!) so not sure we want to take on extending a house and all that entails - well, I would but dh isn't keen. It took 12 months just to get the bathroom in this house refurbished!

I think I'll book some viewings for a moderate house and see if dh can see potential.

Do you thinks reticence for the new build means I really don't want it or am I just being a coward?

I don't think you're being a coward at all, I think it's called making an informed choice.

If it was me I'd probably go for an older property, closer to school. DS will become more independent and if you can choose, closer to activities/friends is good.

Also, as DS gets older, you may be looking at costs such as Uni, driving lessons, car and insurance, flat deposit help etc. Some people will tell you their DCs earned their own money to pay for these things and that is feasible, but things are very expensive and it is difficult to predict what jobs will be like in the future. It's nice to be in a situation to be able to help if you want to and you never know what opportunities your DS might be offered, which some financial support would enable him to do.

In terms of a 'beautiful' house, ask yourself what that is. Is is about keeping up with others and does it make you happier? I love interior design but I think the media sometimes makes me a bit obsessed with having the latest thing (just stopped myself doing a whole Scandi makeover recently ).

older property every time.

a new build turns into a second-hand house and is hard to sell. You can add all the things you want to the other house.

I second the poor quality and tiny rooms thing.