Active discussions

Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

Would you extend or move?

17 replies

inmyshoos · 30/01/2015 11:47

Live in a lovely little cottage but small and no storage. Dd was born in this house which makes me love it more! Were hoping to extend to give us more room but looking like it will cost us all our savings plus more. We could just about manage this but would leave us with no savings.

Or we could move. But although we could find a house big enough and dc could still attend same good schools, we would be in a less private spot, less 'pretty' too. Does that actually matter?

Plus points more houses so more children around for dc to play with. Can walk to a park, village hall and all the activities that are held there (New Years Eve etc)

Negative points- surrounded by people, houses are a mix of ex workers houses and local authority houses so less pretty, i know people in similar streets but next village who hate their neighbours and feel even though their dc could use the park jnfront of their house they wont allow it because of neighbours from hell and their unruly dc. Further from town by around 8 miles.

Any advice?

OP posts:
CheeseBadger · 30/01/2015 12:29

Sounds like the question is you either keep your savings or give up all the intangible things that make you love your home.

Extend it. Life's too short.

Original poster
inmyshoos · 30/01/2015 18:46

Thanks badger I get what you are saying. Just nervous about spending savings. Money we will never have again. We are not big earners and want to be sensible!

OP posts:
mandy214 · 30/01/2015 18:54

It depends whether the extension would enable you to stay in the house long term. I think depending on the size / cost of the extension, you would spend a good chunk of that cost moving - removal expenses, estate agents commission on your sale, legal fees of sale & purchase, stamp duty, probably new mortgage application fee etc etc. So do a realistic comparison - what the real difference would be financially between moving and an extension and see if that sways your opinion.

The other thing I get from your post is that you are slightly out of the way? As your DD gets older, will she be able to walk to meet friends / go to activities or are you always going to need to be a taxi service? I'd think about the immediate cost and the long term suitability of both locations.

Original poster
inmyshoos · 30/01/2015 19:23

Thanks for reply mandy we will be a taxi service wherever we live as it is quite a remote area. Where we are is actually closer to town but no where to walk to. Other house can walk to village stuff but town is further away by 8 miles.

Very good point about cost of moving.

OP posts:
CheeseBadger · 30/01/2015 22:39

Got you about the savings. It's scary, but you know the house you have, and I guess you're reasonably sure what's needed. Move to a new house and you could possibly find problems in 18 months' time which will eat your savings anyway. I'm mainly saying this because it does sound like you would really prefer to stay where you are anyway. Ignore me if I've misread that.

I say this as a bloke who blew his life savings on things that would make the family happy over the last 4 years, and I don't regret it.

expatinscotland · 30/01/2015 22:40

Extend

TalkinPeace · 30/01/2015 22:52

we extended
we spent double what it cost us to but the house
and 5 times what our mortgage was the day before we started
no regrets

Original poster
inmyshoos · 30/01/2015 22:55

badger i absolutely get you. As someone who has been reminded too many times in the past few years that life is often far too short. This is why we are not big earners. We chose to live a frugal lifestyle so we could work less and enjoy our children as they grow. It is a big change to move to a street with lots of houses, actually it is a square! But nothing behind so still has lovely views. Part of me thinks i might love it. I might enjoy having more folk around. I suppose it depends on the folk!!

expat any reason why you say that? Even if it means no savings to fall back on?

OP posts:
Original poster
inmyshoos · 30/01/2015 23:01

talkin that sounds great but i suppose it is all relative. If dh and myself had the income and earning power we had 10 years ago i wouldnt think twice about it but this isnt the case. Would you have done it if it meant possible financial hardship?

OP posts:
Postchildrenpregranny · 30/01/2015 23:03

You should consider whether
a) extending prices your house out of the area -if you are going to stay a long time this won't matter
b) you are likely to want to move soon
Some friends of mine have spent every penny/have hefty mortgage into their late fifties on their home-loft conversion, huge conservatory etc.Trouble is they want to downsize and it's not worth as much as they hoped-'wrong' school catchment, for a start . They have no savings and will probably have to work into their late sixties to pay off the mortgage

TalkinPeace · 30/01/2015 23:05

it did
our earnings had dropped
but it was cheaper than moving and 6 years on was SO the right thing to do

CheeseBadger · 30/01/2015 23:22

I thought I'd smelled some possible concerns about the "folk", among other things. As mandy said, if you add up all the moving costs you might find it's less financially advantageous to move anyway.

I say this as someone who follows the location x 3 maxim. And bought the forever house as an FTB. So I know nothing really.

I thought if you disagreed with my earlier impeccable logic it would demonstrate that deep down you really wanted to move. You sound open minded though, so I can't help. ;-)

Marmitelover55 · 30/01/2015 23:29

I thought that we were all going to have to work into our 70s anyway...

CheeseBadger · 30/01/2015 23:31

N.B. Should say "for ever" - not forever.

P.S. If you were previously high earners, could one of you go back to that sort of grind if the nappy contents hit the fan and the lack of saving became a problem once the children are older and less interesting and stroppy?

Apatite1 · 30/01/2015 23:36

I would extend, but find out how much the size of house you will end up with goes in your area, first. Then don't spend more than that. It's what we are doing (we will probably spend a teensy bit more but we plan to be here at least ten years so won't matter in the long run).

Original poster
inmyshoos · 31/01/2015 22:03

Ha ha badger we were never high earners! But pre dc we lived near a major city and dh worked full time and do did I. We prob had a joint income of around 50k at most. We now live on 16k in the back of beyond. It is a lovely area but very remote. Great secondary school which is a major plus point. I haven't worked in 8 years and never in this area. Dh was made redundant from a very stressful job and now is in a job he loves but doesn't earn as much. We paid of a chunk of mortgage with redundancy and can scrape by. Less money but much more time with dc and probably beyter quality of life in some ways.

Apatite we bought when market very strong so not worth much more now 8 yrs on despite spending around 20k renovating it. Doubt we would make the money back extending but if we are staying we need the space.

OP posts:
Apatite1 · 31/01/2015 22:19

If you need the space, you need the space. Do what you have to to make your life better :)

New posts on this thread. Refresh page