Sell or stay? WWYD?

[VictorBaucherOrSomething]

Hi looking for advice on what to do in our situation. I'm a terrible one for fence sitting and dont know what to do for the best. DH is unsure too.

For background:

We live in a long row of mid terraces which are elevated from the road (maybe about 20 steps) and there is no off street parking. Threre is a lane behind the garden which gives more level access out to the street behind. The parking is a pain as sometimes there are inconsiderate practices from visitors etc such as parking across two spaces. Can't park in the street behind off the lane as the parking is even worse there. We have a 12 year old DD and 8 year old DS who are sharing a room, we are in a 2 up 2 down and no dining room to make into an extra bedroom. I'm a full time student, have two more years of my training to go.

What our thoughts on our situation are:

Option 1. Move house to a three bed, which has a dining room and proper hallway plus driveway, level access. We can afford this but means a lot less money for days out, holidays etc. As I'm a student we are limited in our borrowing, inheritances are mostly making up our house budget. We are moving away from a street where DS has a lot of friends about and they are always in and out of the differnt houses which I think I would miss. The houses we can afford which are bigger are about a mile away and across the other side of the town centre so would need to drive DD to see friends until he's older.

Option 2. Wait two years or so to move, until I graduate and am earning more, and we have more spare cash. it would mean giving DS our room and we would sleep in the living room on the mattress which would be stored in the big cupboard off the kitchen. Would keep our things in the biggest bedroom as nowhere else for them. We could convert the loft but as it wouldn't be classed as a third bedroom, we wouldn't get even half the money back when we come to sell so reluctant to do this.

Option 3. Stay put, pay off mortgage, convert loft to create an extra bedroom. Inheritance money easily enables this plus leaves money left over to allow us to to go on at least three holidays a year until the kids are late teens.

I would love to go for option 3 but always feel a bit held back due to the house elevation and parking - the things we can't change! If you were me, what would you do?

@wannabeamummysobad indeed, when DS was a baby we lugged him up and down the outside stairs in his car seat and kept the pram in the boot of the car. I'm not planning any more kids but no way would I want to do all that again!

Our house has def been valued at less than level ones which is fair enough - we benefitted from the cheaper value when we bought!

Option 1

Option 1 everytime

I’d move in your position

Definitely option 1.

I guess the real question is when you do the extension will you be able to cover the works when you sell? If not you've basically pissed away the inheritance for your son to play with his mates.

Option 1.
The ages your children are they need their own bedrooms especially as your DD is nearly a teenager. The cost of building work for loft conversion is very expensive.

Don’t underestimate the cost of those higher bills for the first two year. My parents house is bigger than ours but not by a huge amount. All of their bills are over double ours with just two of them and the heating isn’t on all the time.

No the coat wouldn't be recouped when we come to sell, these houses very much gave s ceiling price and doing the work would take us over that which is why I'd be reluctant to do it if we're only staying two or three more years. It would only get done if we were to stay until the kids are grown up at least.

There's quite a mix of responses which I'm grateful for, thanks everyone.

Cost, not coat!

Definitely move. A two up/two down when your kids are older and you essentially have four adults living in it will feel very cramped.

Option One. It sounds like bliss compared to your current situation. You can’t sleep on the floor, that’s madness, you won’t get a decent nights sleep, you’ll find your application and understanding at college will go down dramatically.

Maybe just concentrate on the positives. You can now afford a house where everyone’s life is going to be better than now. Easy parking, less lugging of shopping, more space for no financial risk. Lucky you!

Bon Courage!

Option 1 for me. 2 would be too stressful, 3 is, I think, financially a bit unwise. But I'd definitely be careful about when and what to buy right now.

Option 1 - 100%

@BlueMongoose I'm beginning to agree that option 2 would be too stressful, it really needs to be a firm choice between moving and staying. Can I ask why you think staying would be unwise financially?

OP you say that "these houses very much have a ceiling price". But unless it's actually mandated by law then that surely depends on the market? I said exactly that about our 250k first house for various reasons, all of which I thought were absolutely sound (no parking, restrictions on renovations, etc). Those houses are now selling for 650k+.

Honestly, if you're in a good location, I'd stay. Extra space just gets filled up with crap most of the time.

@Nandocushion the type of house we live in always sells for less as they're elevated and its a mid with no off street parking. The market has slowed down here too in the last few months, with many properties reducing their prices. The ones with conversions seem to sell for about 20k more than ones without, while building an extension itself sets you back about 30k.

Oh that's nothing is it? IF it was me, I'd move. Having your own driveway is life changing. You won't get the money back for the attic conversion and you still won't have a 'proper' hall or dining room etc.

but we all value different things.

maybe another option would be to wait a year (rather than the two you said in your OP) the kids can share for another year (especially if they know it's only a year), gives DS another year with his 'popping in' friends??

I did a loft extension several years ago and it made no difference to my council tax banding. I did get the estate agent in to check how much value it would add to the house, and it added the amount I paid (about £50k) and it's a fantastic space, well worth the cost. Ceilings on house prices do rise - my mid-terrace only cost £290k and is now worth £650k+ which strikes me as daft (I live up north).