Move or improve? WWYD?

[mumtomaxwell]

Our house is a good size for our family, it doesn’t need extending. But inside there are lots of things that need updating. We’d like to refit our ensuite, replace the leaky conservatory roof, replace the flooring in a couple of rooms and we need a new boiler. We would need to borrow the money to do any/all of these jobs.
Or we could move when our fixed rate ends in the summer. Houses that would be worth moving to are asking approx £325k, ours is worth £275k tops. WWYD?

I would be deciding on location and size. If the location of your current home is right, as well as being happy with size, I would stay put and improve. Nothing you have described is awful or a big project. All houses need maintaining. You can do it how you want it. Hassle wise, moving sounds like more hassle to me. You can get the money out for that on remortgage. It will cost less than 50k.

Moving will cost more than 50k once costs are added on. If you have kids, 50k is a house deposit for one of them. If the main problem with your current house really is just those bits of maintenance I couldn't move just because of that. If it's really something else then the pros and cons might differ...

As PP says even if you find a house you want to move to the week be things that need doing.
Unless you're unhappy with your current house then just do it up - the things you've listed don't have to be done in one go and won't cost the earth.

You say that you'd need to borrow money to do the few jobs that you list as if this is a problem. But you'd need to borrow much more money in order to move - in terms of the increased size of your mortgage. And bear in mind that just "moving" is expensive in that if you go from one house to another of exactly that same value it still costs money in things like legal costs, removals, EA fees and stamp duty. (Stamp duty on a 325k property is around 6.5k - which would easily cover a new boiler and some flooring, for example)

If the location and size of your current home is good, why move for the sake of normal home maintenance tasks? I would either take out a home improvement loan, or wait until your current fixed rate ends and then remortgage.

You'll get all that done for less than 50k easily, and I agree it's just general maintenance that will be needed anywhere.

That’s just general house maintenance. We’ve just bought a house that needs new flooring, a new kitchen and a new en suite bathroom. We’ll do it gradually, as and when we can afford it.

You haven’t listed any ‘big’ jobs. Moving will cost you lots more! If you like the house and location just do it up bit by bit.