Should we go for a big house or a big enough house?

[Settlersofcatan]

The area that we're looking to buy in seems to have two types of house:

4 beds which used to be 3 beds and have converted the loft - so they usually have a kitchen diner and then one smallish living room. Usually one bedroom is on the smaller side. Terraced

4 beds which are Victorian/Edwardian so much larger bedrooms, usually 2 reception rooms plus small kitchen diner. Sometimes semi detached, sometimes terraced

We have a 3 year old and a baby and are keen to have 3 good size bedrooms for each of us plus a spare room that can fit a double bed (we have frequently staying elderly parents who can't do a sofa bed). We are also keen on a good amount of living space so that we can have some dedicated play space downstairs. Being able to store bikes and scooters and such outside without bringing them through the house would be good.

The first type of house we could afford very comfortably, the second would be more of a stretch but still doable. I think we could be comfortable and happy in the first type of house but it would be lovely to have more space. I can't quite decide if it's worth it or not though? It would cost around 15% more but it's London so that is a lot of money in absolute terms.

What would you go for? What should I be thinking about?

I know we are very lucky to be in this position at all

It may be off the table now with the cabinet reshuffle but there was talk of a change in property ownership tax with the term 'mansion tax' banded about. It could be along the lines of council tax being replaced with a higher annual fee related to the value of the property. Anyone buying now might want to be cautious about buying at the upper edge of their affordability.

The second one; more living space.

One thing to consider for Victorian / Edwardian houses beyond size is potential need for work - my house is Victorian and the survey bought up the need for damp proofing a certain part of the house, possible strengthening of the chimney and the fact that older roofs are often missing a layer of insulation, some bricks may need pointing etc. This obviously depends on work carried out before - the previous owner may have solved some/all these problems for you, I was warned as I looked round and had to so some immediate damp proofing but was otherwise ok.

Other than that, I agree with what you mean about living spaces. I find so many new builds now have big bedrooms, multiple toilets and bathrooms and huge kitchens but then the living room is weeny and is often meant to fit a dining table in too.....

Go for Semi or end of terrace in either type so you hopefully have a side gate to brings scooters round on.

If you can manage the type you prefer, without causing debt or having to sacrifice hugely on other areas of life, then go for it. But have some spare money set aside for things that may need to be sorted on an older house.