Move or improve?

[Bellafrenum]

In the new year we will either put our house on the market or start the ball rolling on renovations. We keep flip-flopping and would love your perspective.

We need more space (an extra bedroom). We would also like a bigger living space and downstairs toilet, again achievable either way.

Moving pros: no building work - we have 2 small kids.
Building work could be unachievable in current climate (lack of materials, builders etc). Also costs could spiral.
Possibility of flat garden and no steps up to front door, not possible here.
Fresh start.

Staying pros: location - perfect for school and our search area is small because we need to be near school.
Dds were born here in the living room, loving showing them where they were born.
Great neighbours.
We get control over design.

WWYD?

All that aside, get some quotes and a valuation based on current market and added value of additional work.

Then look at what X buys you locally and how quick the market is moving.

Buy a house is a long term financial decision, renovations are short term.

We have had a valuation and quotes amd looked at houses in our area tbag we would view and their asking prices - financially there is little difference. Market is moving quickly in our area, or was - obviously has slowed down for Christmas.

I feel like financially both options are balanced and each come with their own stresses (moving vs building work). So it's difficult to decide.

Also, to add context, it would be a loft conversion, small side extension with downstairs loo, and back extension.

Maybe we should give it a year and think again.

We had plans drawn up and got ballpark quotes for an extension and had an Estate agent valuation. We put the house on the market within days, the price was too good to pass up.
I know what you mean about location, we had a very small search area, only a couple of streets in our current village but we've found something ideal that we'll be in next week.

Thank you for your reply. I think I would feel more inspired to move if there was something on the market we liked. Maybe it will pick up after Christmas.

It's so busy that I am finding it impossible to get builders booked this side of Autumn 2022. It's enough to make me look at selling and moving instead.

We've moved and still need to arrange work to be done so you might still have to manage loads of trades. Having said that now we're in we have had lots of tradesmen recommended to us by other tradesmen. So from that we have people booked in who will be reliable. Problem is they're busy so we have to be patient. But taking the attitude that waiting 6 months for the right person is worth it in the long run.

We were set on doing and extension / renovation then got the quotes back to do the work. Decided to have a look at what putting the money into moving would get us, saw lots of bigger properties but they still needed work to get what we ultimately wanted. Once we factored in the moving house tax and everything else we would be no better off ( maybe even worse off) so are going ahead with original plan.