Move or extend? No idea...

[Itsbecauseimalondoner]

DH & I have a bit of a dilemma. We need more space but can't decide whether to extend our 2 bed Victorian workers terraced house or try to buy a 3 bed. We need more space for our two DC.

We've tried to work out the pros and cons for staying/buying. We are in zone 4 London in an "up and coming area" although it still has a long way to go.

The Pros for staying -
we like our street.
It's next to our primary school.
We like our Victorian house
We could go up into the loft and create a 3 or 4 bed.
An extension could be original and personal to the way we use the space.

Cons of staying
It's a narrow 4.3m wide house. We fall over each other - it's very small for four. If we extend we will have more bedrooms but downstairs will still be the same size.
We can go into the side return but with a small garden we don't really think it is a good idea to do a wrap around.
We would lose our storage if we went into the loft.

Pros of buying
A wider house would be so much better for us.
The chance of even a slightly bigger garden.
The asking price of an affordable house is cheaper than estimated cost of extending.
May get a house away from the manic, traffic heavy, high street.
We wouldn't have to think about moving again if we didn't want to.

Cons of buying
Moving costs, stamp duty, etc.
The area means that all available houses still need work - maybe just cosmetic but maybe more.
Affordable 1930s 3-beds here are really two nice sized rooms and a box room.
Bathroom is tiny.
We would no longer be conveniently located near primary school.
Even though we will still be in the same postcode it can feel like a different world depending on where we move to (transport links to school, different local shops/pubs etc).

Now, I had hoped writing the pros and cons would help me come to a decision- but I can't!

I would love to know if anyone has been in the same situation but any advice you have will be welcomed.

We've just sold our Victorian Terrace zone 6 for just this reason. We converted the loft and added an extra bathroom plus downstairs wc but the downstairs living area is too tiny. We're moving to a 4 bed detached now and I cannot bloody wait.

This is one of my concerns. Although I think if we could afford a 4 bed detached and still be in London (if it wasn't primary school keeping us here) the decision would be much easier.

Has anyone else bought somewhere larger rather than extend? Or perhaps, extended and is now content?

Our architect told us "a terrace will always be a terrace no matter what you do to it". Unless your an end terrace then you'll max out your development after a loft and perhaps a small back return but realistically, you won't claim much downstairs space.

rainsbow Yes, I think I can see what your architect means. Although, some terraces are better for larger families than others.

I imagine I'll inhabit one, whether 19thC or 20thC, for the foreseeable future. I'm happy in one, I'll just need to take advantage of the space available. Although, if you hear of an affordable detached in zone 4 I'm your "man"! 😀

In your situation, I think I would move.

Extending is a lot of hassle and there is only so much value you can add to a house.

We are just finishing extending (zone 4/5 borders). Extending a 3 bed terrace. It makes a huge difference imo, but even so, I am not sure it will ultimately be enough for us once the children are bigger people. Whilst I am happy with what we are doing, and know why we did it, I would move up the ladder as far as you can as early as you can. I do however think location is very important, and this has led us to extend rather than move. It's about quality of life in all directions, short and long term. That's quite a personal thing so hard to advise.

Your children won't need a primary school forever.

I think realistically in your case even if you extend upstairs, downstairs will still be too small. If it already feels like your falling over each other and your kids are at primary school imagine teenagers?

I would move in your situation. Downstairs space trumps bedroom size for me!

We are in a 2 bed end terrace in zone 3 and I shudder at the current price to move up to a 3 bed.

However we feel we have enough space for the time being and have just added French doors to make the inside/outside transition better and it has made a big difference.

We tend to spend more time at home in summer and love going out in winter, bit weird I know!

I personally wouldn't buy at the moment anyway.

Our 3 bed zone 6 terrace has just sold for over 600k which is just ludicrous.

Tricky op.

I guess also depends on how much £ you have or whether you need to borrow.
In London I am sure if you had 30 grand to spend on extension, that would increase in value being turned into bricks to make a bigger home? Meaning should you want to move in future it would be more ££ for you? I dont know how these things work but it seems to me if you had a chunk of cash your keeping it growing as it were...

Thank you all for your replies. I know it is a personal thing but having other opinions really helps.

Rainsbow Prices really are mind blowing. Good luck with your move.