To move or to extend

[Smurftastic]

As in the title. How do we know what's best to do? We were planning on moving as we now have 2DC. DH works from home and needs an office space. Not sure if it's good time with interest rates increasing and energy prices?
We live in a standard 1930s semi, it's nice enough. It was a total ruin when we moved in, we put in new kitchen, bathroom, floors- the lot.
DC can't share rooms yet as DC1 is starting school and DC2 is a little baby, up all night. DC2 could eventually go into box room/share with DC1 in a couple of years, but I don't think they will want to share forever as there's 4 years between them.
There is room to extend.
We were going to buy a 4 bed detached with at least 2 bathrooms, but I have no idea if we shouldn't stay put for now. Is anyone else in a similar situation? Any advice?

To add we only have 8 years left on the mortgage, buying a bigger house would probably bump it to 20. We're in our 30s.

Cost it out on a spreadsheet.

What area of country do you live? What’s the rough value of your house? How big is your garden? Can you do a basement?

There are advantages to detached tho that may make it worth moving.

It depends a lot on house prices in your area. If you are in the south east it would surely be cheaper to convert the loft than move.

We extended, because we love the area we live in, with friends, schools, workplaces, leisure activities all within walking distance, and there is a shortage of family housing, so a bigger house would be triple the price of our current one. Moving to a bigger house would have meant leaving the area, and reducing our quality of life.

We're in Midlands, it's not very expensive.
I'm worried about heating a detached house!
Not sure if it would be easy to add a second bathroom to our current house but it would be useful.

@TatianaBis thank you for the suggestions, we'll do a spreadsheet

@DaisyWaldron we could buy a bigger house not too far from our current location, so luckily that's not an issue.

We’re toying with the idea of moving- we have a Victorian 4 bed detached but had more children than planned (I had twins second time around) and our smallest bedroom is DH’s office- he has always wfh. Our house has a smallish back garden so I think extending would leave too little garden for the house size, and the area isn’t prestigious enough to support spending £££££s on improvements. We can manage short term but eventually I want them to have a bedroom each.

We’ve just started getting valuations on our house done and now keeping an eye on what’s coming on the market- if something amazing and within budget comes on we know we can put ours on quickly. But we’re not really in a hurry. There’s very little available, and as we’re looking towards the upper end price wise there’s even less stock- and at lot of it looks overpriced. I don’t see prices rising quicker than inflation in the short term (I think this is a bit of an overheated market) but you never know, none of us have a crystal ball.

It sounds like you could manage in the short term, if DH uses your box room as his office? Could you put an office space in the garden eventually? From reading these boards the costs of materials etc is high and getting work done costs a fortune right now so if you can sit tight you might be able to ride it out.

Getting builders/material etc are all expensive at the moment. We extended, single storey and it cost £110K. With about £20K of extras on top of that including unplanned underpinning, putting the garden back together again and other stuff.

That didn't include a new kitchen.

Get some realistic ideas of how much it will cost from someone who has done it recently. Add in planning fees, architectural drawing, a contingency and structural fees if you'll need to put in steel.

I'd say unless you love the house you are in - you are probably better off buying something that suits.

It was hellishly disruptive for 2 years too.

We are in a 3 bed house but the small bedroom is so small and son far too big for it now….we love our house and the area so decided to extend to the side to create a porch and downstairs toilet then upstairs another bedroom which he will have a bed and desk in and his old bedroom will be wardrobe space…so not a ‘knock through’ as such….cost about £30k..West Yorkshire.
Think we are doing the right thing rather than moving as went up in the loft the other day and the amount of shit up there that we would have to sort out if we moved.

Sounds like you have concerns around affording a bigger mortgage and increased council tax/utility bills.

How much can you afford to save each month at the moment and is it more than enough to pay those things and redecorate etc?

Your kids can definitely share, ours did until 11 and 8 from about 3 and under 1. You just get them used to it. I think it was brilliant for mine, really helped cement their friendship.

I am looking at extending our house and have massively underestimated the building costs! We had quite a large extension about 7 years ago that was £35k, now I’m told it would be at least double that. We have an architect working on it, but I suspect we may just remodel internally now and get an interior designer to help with the layout/colour scheme. Can you look at a garden room for the office to free up the bedroom?

In your situation I would extend. There is so little coming on the market in the 4 bed range that by the time you’ve paid for fees, stamp duty etc you might find yourself moving for ‘something’ rather than a great house and overpaying for it as well.

We were in 30’s semi 4 bed had just enough upstairs space but not quite enough down, similar situation re low/ no mortgage; loved area and house and ummed and ahhhed for long time. Anyway we did make the jump to larger detached, larger mortgage in same area, it’s actually much easier to heat as much better insulated (early 90’s) this place is much easier to live in, largely due to loads more storage and more living space. No regrets, we wish we had done it sooner.

I understand what you are saying about the mortgage, but it's more likely you'll have pay rises etc than not. There's a bit of an obsession with mortgage free...but if you don't have enough space then that's an issue.

We've extended a 1930s 3 bed semi to get 4 beds (with ensuite). Not the Midlands and would have been much more expensive to buy a ready made 4 bed - especially once you factor in stamp duty and estate agents fees for the sale. Also love the area / neighbours / rest of the house, gave us the opportunity to have it exactly as it worked for us. It was expensive, but I would try to speak to a neigbour / local friend who has been through it recently to get a realistic estimate for your area.

I’d actually make my first port of call schools. So are you happy with the schooling options where you are? If you’re in catchment for where you want, are you actually likely to get in? (as they can be two different things).
Then I’d cost both options out. Think about what the least dramatic remodel would be to get you where you want etc.
Building is a lot more costly now, but you could potentially do it in two or three parts to spread the cost. So prioritise the office, then the bedrooms and so on.
Obviously moving you have the costs there and then, but the benefit of just getting on and living in it, assuming you pick something that’s just decorating. It’ll just come down to what is better money wise I think.

Thank you all.
Schools are similar in either area. We are near the best secondary school in town, funnily enough primaries are mediocre! We wouldn't want to move too far due to the secondary school.

@MyNameIsAngelicaSchuyler I don't think a school age child and a baby can share as easily as children with a smaller age gap, at least not unless my DC2 is a way better sleeper than DC1 was, which isn't the case so far. DC1 was up due to teething a lot until about 18 months. I also couldn't keep DC1 toys in the same room with 1yo baby, unless all locked away? It could probably work but I don't want to disturb DC1 sleep if I can.

I'm wondering whether we could convert our utility room into dining room and have study in the current dining area, it would probably cut the costs a lot... I'm writing it all down!