To buy somewhere that needs work or buy something we don't really want?

[Bippityboppitybo]

Looking to relocate closer to family and have the option of buying a house that is perfectly liveable, huge garden and a very good price for the area in light of the work that will eventually need doing. Spoke to a builder and an architect and they've estimated up to 100 to 150k for two storey extension and full remodel of the inside. Plan would be to do two storey extension on the back/side and live in the front of the house as there's already a kitchen and two rooms at the front so easy to live there whilst work is done at the back. We could totally customise and make this our forever home and add to it over the years. To give an idea other houses on that road sell for approx 300k more than the asking price for this one and come up rarely as they've all had the renovations done.

Or, do we buy a house for a similar price as the doer upper that's basically ready to move into that needs cosmetic stuff to our tastes, but small garden, save for a few years until we could afford a deposit on the forever home and then move again?

I can't figure out if it's best to invest our money overtime in a forever home knowing we won't spend as much as we would if we were to buy the dream house already done or live somewhere else for a few years knowing it's not our perfect house?

It will be DH, me, a toddler, a newborn and two dogs!

Buy house A now.

House A

House A without shadow of a doubt

Your description of House A is absolutely suffused with your excitement and optimism, OP. Listen to your heart.

If you can afford up to 200k of renovation then take house A. You can save up and re-mortgage later. However, if you can't afford it, then take house B. You don't want to be stuck with a too small house if you can't extend.

House A is a no brainer if you can afford it. I very much doubt you'd get that work done for even the 150 though, no chance of 100.

Agree. Assuming you can get the money you need and afford to repay it (less whatever you save) then the first house is the winner.

However if you're already stretching and house A would be potentially beyond your means to renovate, then the second one. Providing the second one could be somewhere you can stay longer if needed (I'm assuming whatever stops you renovating would also make moving difficult).

House A because it is obvious that is what you want and feel enthusiastic about!

If you have the time, energy and money to take on the renovation then go for it.

No point in buying something you don't like. You will end up wanting to move in a couple of years and have to start the process all over again.

Better to get something you can see yourself living in long term.

House A but agree with previous warnings about that estimate; we're just out of the other side of a big renovation and our budget went out of the window within months because of structural issues we couldn't have anticipated.