Move or extend? Opinions needed!

[Glittertrauma]

Hi Mn-ers

Any hive mind thinking on the benefits of extending current property vs moving? (am aware this is the mother of first world problems but it's all relative)

We currently live in a Victorian semi that we have converted from flats into a family home. We are at a crossroads really now about whether to develop it further or not.

We were going to replace and extend the current kitchen to make a large open plan kitchen/family room and also add a dormer window and do some internal works to turn two bedrooms on the top floor into a 'master suite' with bedroom, bathroom and dressing room (mainly so when the kids are smelly teenagers we have somewhere to hide!).

After getting plans drawn up and builders quotes, we've found that the work will cost about 20k more than we were hoping, just for downstairs meaning that we will have to take out a loan as well as using savings - we were hoping to have the work all done without a loan.

In addition to that, a couple of neighbours we have shown the plans to have said they have 'concerns' about the extension. We get on really well with all the neighbours and wouldn't want to upset them if it could be helped. Not sure at this stage whether they are concerned enough to formally object to the planning office (they are coming round this evening to have a chat).

Both these factors have left us feeling pretty dejected and wondering if it's not better just to move for all the hassle and expense?

We are viewing a house tomorrow that already has the work done that we would want to do to ours, but I am finding it very hard to compare what the better move would be. Both houses are in the same town so we'd be moving about a mile away, same school catchments etc.

Pros of new house

Off road parking (we currently live near two major sporting venues and our road gets used as a car park by visitors, we don't have off road parking)
Detached house (how important is this?)
All building work complete, don't have to wait for the space or suffer disruption.
No loan needed for building work

Cons

1930s house (not as attractive?)
One less bedroom (although we were taking one away in our current house if we do the building work upstairs
Not much potential for future development
Leaving lovely community of neighbours
Bigger mortgage - about £300 per month more which is roughly what our building work loan repayment would cost!)
Just spent 9k last year on new roof for current house

Any wise minds willing to venture an opinion on what you would do in our shoes?

Id stay where you are. It's a more attractive house with one extra bedroom and the mortgage is smaller!

If the house you're looking at tomorrow would result in a bigger mortgage that would equal the building loan then stay where you are.

I'm facing similar decisions atm.

..and coming to the conclusion that it makes more sense to buckle in and get the work done in my own house.

The legalities of moving are a pain, plus packing everything up and the stress of a chain, argh.

How long would the loan be for? There is a big difference between paying £300 a month for 3/5 years and the lifetime of a mortgage.

I'd look for a new property that has the pros you list:
Off road parking
Detached house
All building work complete
No loan needed for building work

Can you find one in the area you prefer? Take advantage of the equity you've already made and enjoy it! The property you move to will still carry the financial benefit of the house you're in now, plus if you look after it well a new detached house in a good area will hold it's value better than where you are now?

I'd move just to get off road parking, lol! Used to hate living in a town of terraced streets and fighting to park outside your own house. :D

By 'new' I mean new to you.

We're in the process of moving - 8 months in and no moving date. I would never move if I didn't absolutely have to. It's just awful. We reckon what with solicitors
, estate agent fees, stamp duty, surveys and removals we are basically kissing 25k goodbye.

Sod your neighbours, frankly!

Moving will cost a lot in stamp duty as well as legal costs, removals etc so have you factored that in? You may have done.

The parking would be a big motivator for me tbh, I’d want to move for that alone but we have parking and I’d never want to go back to not having it tbh. But if that doesn’t bother you then can you consider doing the work in stages?

Put it to your neighbours that if you move to avoid upsetting them, the next owners may well just come in do a similar extension. At least if you do it, you'll still be the good neighbours you always were.

Both are costly however, it could be easier to stay where you are? If you are comfortable in the neighbourhood and as waterandlemonjuice highlighted - there are extra costs to moving so could work out more expensive. And I would just talk to your neighbours if they are concerned because it maybe they don't fully understand your plans!

Unless you are looking for a fresh new start in a different place.. I would stay put!

I'd moved based on detached, then off road parking in that order. Your neighbours might be lovely now but who knows who you'll be sharing walls with in a year. Also your new neighbours could be a 4 car family. It is the reason we moved to this house because we have a huge drive, although I curse it every time I have to clear it of snow.

I also think people underestimate the amount of time and effort shopping for fixtures and fittings takes when you renovate a property. Do you really want to do the extension and loft conversion or have it already done for you?

We are in our "forever" home. The last house we gutted from top to bottom and then this house we knew we would be doing the same. But I am a SAHM with 2 children both now in secondary school. I have time to research.

This house has been completely double glazed, new gutters, sofits etc, new boiler, new bathroom, all new carpets, completely redecorated, a double garage conversion into a playroom and a kitchen extension which including re-landscaping the back garden after all the building works. We have only the en-suite left to rip out.

I couldn't imagine starting again now

Yes moving is stressful but so are building works. If you don't love the other house, then try to find one you do. Moving is hell, it has to be worth it.

We are almost at the end of developing our house. Like you, we were shocked by the initial estimate and had to get a loan. The work has ended up costing a lot more than expected. We arw having to scrimp and save to get everything finished and if we ever sell we will never get back what we’ve spent on the house.

That said, I’ve been cooking on a camp stove and washing dishes in my tiny downstairs sink for 3 months, so maybe I’m a bit bitter at the moment!