So, the situation is, I own (mortgaged) a medium sized house. DP lives with me and pays rent. He owns (outright) a medium sized house in a different town which he currently lets out. My teenage son lives with us.
My house is too small. In particular the kitchen is tiny and we could do with another work area for DP to use when he WFH (I'm here pretty much all the time and have the spare room a study) It'd also be good to have extra living space for DS.
We've been looking into an extension/conversion to turn the existing conservatory into a large kitchen diner with extra living space, funded by re-mortgaging DP's house. However, it's going to cost lots. So much it's giving us pause for thought and wondering whether it might be better to move. I still need to get an estate agent round to value the house but I don't think we'll increase the value of the property by the amount we'd spend on it as we're only able to extend downstairs...whatever we do, it's still only going to be a three bed/one bathroom house.
Selling both houses would mean we're able to afford something big in a nice area that would give us all the space we want but we'd lose the rental income on DP's house. Selling just my house and buying somewhere together would probably leave us just short of the kind of house we want.
I don't want to move - this house is in an ideal location and it'd be nice to be able to get it the way we want it. But it's going to cost so much money! But then I've not seen many houses on the market that would suit us anyway which means moving will be a nightmare!
Wise people of MN - what would you do?