Move or stay - WWYD?

[EluneBePraised]

DH and I have been debating moving for a couple of years now. We have lived here for 8 years but are starting to outgrow this house, DD is 11 and DS is 8 and they are sharing a bedroom, we live in a two bedroom house - bedrooms and bathroom upstairs, with livingroom and kitchen only downstairs. The house is quite elevated, it's a 30s mid terrace which has over 20 stairs up to the front door. Parking can be a pain at times also. The house is worth about 180k and we have 92k left to pay off.

I came into an inheritance a couple of years ago, DH is going to come into one after probate is settled, combining this and the equity in this house, we would have a potential deposit of about £190k. The 'next step up' in terms of housing in this area is maybe about £330k for a semi, three beds, dining area, drive and level access. This would be a dream after lugging car seats, shopping etc for years up and down these steps! It would mean a mortgage of 140k so a bit more than what we are currently paying, though we could afford it no bother.

Yesterday we had a chat along the lines of what it would mean if we just stayed here instead of moving. We could use inheritance to be mortgage free, build a loft conversion to make an extra bedroom (would lose space from main bedroom to do this) and do extra things around the house and garden which we wouldnt have bothered with if were planning to move. However, we can't do anything about the elevation and the crap parking situation.

What would you do if you were us? What would mean more to you, the extra space but mortgaged or being mortgage free but having downsides you can't change?

You haven't said how old you were. But you did say the new mortgage would be easily affordable. In this situation I wouldn't be putting money into your current house as you can never change the steps nor the parking situation. So I would move.

Hi chopc I'm 43, DH is 45. I guess it's a bit of a concern for me, what if we pour extra cash into this place then realise down the line we may have made a mistake? It's money we would be unlikely to get back.

I would move - can you imagine if either of you start getting eg arthritis in the next 10-15-20 years and you still have all those steps and the crap parking to carry in bags of shopping. If it wasn't for the parking/steps then I'd stay and extend, but you've got to look to future proof yourselves for the next house, you'll likely stay there till the younger has left school which is another 10 years....you may decide to stay there even longer.

move! I fear you'd spend money on your current property and still not be happy about the steps and parking situation.

Seeing as you can easily afford it I would move. Having separate rooms for your children as they get older will become increasingly important.

I'd move in a heartbeat.

Another vote for move. Your children are going to need more space. You are only going to get older (sorry, but a fact). You may want an electric vehicle in the future - i am guessing your current house it wouldn’t be an option. A larger house may be able to earn you an income in your late years - rent out the driveway/garage/spare room etc. Also, your current house probably has a ceiling price behind which you won’t get a return on your proposed investment?

Sorry - should have typed as you get older a house with easier access and room for mobility aids may be a bonus. (I’m thinking 30years +/- future)

I would move

I would move, children tend to stay home longer here days (or come back) and you will want the space to allow for that not just in terms of bedrooms but overall living space. Also, building work is really expensive at the moment and you are unlikely to add enough value for it to be worth it - as you say there are some things that cannot be changed which may effect its value whatever you do in terms of adding bedrooms etc.

I think I'd move under your circumstances. If you're getting 3 bedrooms upstairs it's likely you'll be getting more space downstairs as well which will be even more valuable as the kids get older e.g. having a second reception room for teenagers to hang out in.

To put your mind at rest you could speak to an estate agent about the ceiling price for your house because of the elevation and parking situation, you may find you'd easily spend a lot of money that wouldn't be reflected in the value of your house.

I would move.

Thanks everyone for your replies. I forgot about the electric car situation, yes I'm not sure how exactly that would work. We recently had a nightmare trying to get a tradesperson for some essential work on the house and was really stressed with it. The thought of getting a whole extra floor of living space added to the house fills me with dread but we would need to do it if we stayed.

I would move in your circumstances, including, as a PP said, it's unlikely you'd get the money you spent on your current house back, as from your description, it will likely go over the ceiling price.

I'd move, no question. You say you can afford the mortgage payments and it'll be a huge improvement to both yours and your children's quality of life. To be able to have off-street parking and no steps would be enough to sway it for me.

agree with the consensus to move. having a driveway will make a big difference.

plus building an extension will be v expensive & complex if the builders have to haul all their materials etc up all the steps. that will NOT be easy.

Thanks everyone for your responses. I was speaking to the mum of DCs friend who lives in a similar house to me, she advised they're moving up to their converted loft soon to give the kids a bedroom each. Was interested to hear that they will need to keep their clothes in one of their DCs bedrooms as there will be no space in the loft to keep them up there! Not sure I want to pay out £££ for a space that's not completely usable, or will be tiny if we have to majorly configure it to make it workable.

I think meantime we will need to buy a sofa bed and sleep in the livingroom, oldest DC starts high school in August and really needs own space.

Move. It's a no brainer.

Absolutely move.

Another vote for move!