buy new build, or renovate current house??

[butteriesplease]

so, we have lived in our house since 2003. We are a family of 5 in a 3 bed semi and would like an extra bedroom - kids are pretty big, 2 have to share, and DH and me work from home mostly so space for desks would be good.

Our current house is an ex council, in an ok area. We are swithering between converting the loft, and doing a full renovation (we haven't been able to afford to much in the house since we moved in and put a bathroom, kitchen and did decorating). I think that this would use most of our savings (we have around £80K due to an inheritance of mine). We'd need a loft conversion, new windows, new kitchen, new bathroom, an all rooms stripped and decorated. Plus front garden converted to a drive possibly...

OR - there are new builds very near us. We want to stay in this area. However, a 4 bed (flooring not included!) would mean a mortgage more than x3 what we pay now, and using most of our savings to go towards a deposit.

Is it worth it?? would it be total madness? new mortgage would be possible, but a stretch and with kids getting bigger and heading to uni/college whatever, would want to be able to support them etc, plus not worrying about bills...

we are going round in circles!

I've been in the house on the plot we would be most interested in, and it's lovely (but very open plan), not sure bedrooms are much bigger, but there is 'more' house overall, and obv it's really well finished and energy efficient etc. The sales team are going to let me know if part-exchange is possible, or 'assisted selling'.

If it matters, we are early 50s, so looking at a 15 year mortgage max.

summary: get big mortgage and use savings for shiny new house in a nicer street, or just renovate where we are (no new mortgage required).

I live in a new build, and while it suits us for now, I'd definitely say renovate - you'll need to spend money on a new build anyway - storage, garden, decorating, and quite possibly furniture too. Depending on the developer the quality might be a bit crap as well.

No way would I go from a 400 to a 1400 mortgage when you'll be mortgage free in a few years - work out how much your ideal renovations will cost and how much you can borrow, and go from there

I will buy a bigger house but not a new built, you pay too much premium for that.

I would do the smallest renovation needed to survive. I would also think to purchase an investment one or two bedroom flat - not new - in a neighbourhood nearby or near where your children might study or work. Otherwise, if your really want a larger house, I would buy an older house not needing renovation. (bar painting). I am all for certainty, not disruption, in your life.

Tell your eldest child it’s time to fly the nest. Problem solved.

But honestly, renovating while in a full house is no fun. How much space would you lose with a new stairway up to the loft? Does it need an en-suite?
with building prices the way they are ( though 80k is a lot to spend ) I’d do the maths on buying a bigger house also, definitely not a new build.

hmm lots of food for thought again!
Eldest is currently commuting to uni, and keen to move out, but the rental situation in Glasgow for students is fairly awful right now - so we are likely to have him at home for a few years yet (despite his best intentions).
We could in fact convert our garage rather than the loft. I think the main difference is if we do the conversion/renovate we will have move disposable income but house will never be worth what the new build is/will be. It would be disruptive, but overall cheaper I guess.
New build is not far geographically (7mins walk!), but will be in a 'nicer' part of town. is high spec re energy efficiency (B rating), looks to be well finished etc. kids stay in same schools, we are still near all transport links and friends.
I need to get clarification on council tax band and a few other things, and will see if there is any negotiation with them on eg flooring, installing shower etc.

I should say that there are hardly any 4 beds ever in our target area. lots of 3 beds, quite a few fives, but rarely 4 for some reason.

I'd renovate. I paid a lot of money for a loft conversion 10 years ago. Youngest child is moving out in May as buying his own house. It's been great over last 10 years I had two enormous bedrooms and a shower room put in loft and a proper staircase. It enabled boys their own space and most of their things kept up in rooms. This meant less clutter on ground floor.