Should we loft convert or move?

[Cranberry2020]

We are mortgage free, I managed it just before my 40th. We overpaid a lot in our 20s/30s but only ever had a relatively small mortgage by todays standards. It has got us a detached bungalow with large garden in a pleasant village. It has three small bedrooms, but large daytime living space (bigger than your average 3/4 bedroom new builds). DH and I both work FT mainly from home so we do really need a bit of extra ‘office’ space. We have one DD who’s 5. We’re in the SE but far from London and by the sea.
We have been quoted £72k for a large loft conversion which will give us a huge master bedroom and bathroom and another room plus eaves storage. It’s a significant amount of work and doesn’t include plumbing or new bathroom suite (we estimate we might need an extra £10k to fund these).

Alternatively to this we could move. There’s a four bed slightly larger house in our village even once we’ve extended for an extra mortgage of maybe max £100k. Or we could move somewhere completely differently, out of the SE and spend the same and get more ‘house’.

DH is 49 and I’m 45 we have good stable jobs and dd goes to an independent school.

Any suggestions… we’re struggling to decide! Thanks

How much stamp duty will you have to pay? And estate agents fees. Surveys, searches, moving costs?
Do you have close friends in your area? Does your DD like her school?

Where are your family?

I would do the loft. After all stamp duty, EA fees, solictor fees and moving fees you will save so much more money vy staying put! Get a mortgage for 100k get the loft and all the bathrooms etc.... done and then pay it down as quickly as you can.

Thanks yes that’s costed into the £100k plus maybe an extra +- £10k. We have all our family in this area except one branch but do have slightly itchy feet! Dd likes her school but not bound to it, no close friends, I think she’s young enough to move now but probably not soon….

Thanks I think is probably good advice. We can overpay again hopefully…

Garden office? Much less than what you've been quoted for the loft?

Another vote for garden office also it great being able to separate work from home

Definitely consider a garden office.

I would carefully consider the costs of building works - not just in money but also your sanity! I'd rather cope with the space as-is or move personally.

I’d stay put and get a garden office if I were you (or perhaps a small single-story extension like a garden room/nice conservatory?).

Then you could save for it or even a small loan rather than go down the mortgage route again.

If I am lucky enough to be mortgage-free at 40 I would want to stay that way :)

Yes that’s part of our decision whether moving is easier! We’re not sure re garden office in terms of not being in the house to supervise dd etc. but I will look into it to be sure… thanks

Yes I know once paid and experienced the freedom it’s a tough call to put yourselves back into it again! However needs must sometimes I guess… thanks

Dd will be at school.whilst you do some work, presumably?

You say living space is larger than normal, can that be reconfigured?

Yes she’ll be mostly at school but we have family nearby we can hang out with/stay with if necessary.

it would be reconfigured a bit with the loft conversion as it would need stairs to go in. Otherwise we use all the space to good end. Eg dh is a pianist so we have a piano and a full size keyboard. Dd has a playroom….

Not a great time to sell, tbh, assuming you like where you live, moving is never easier, it’s such a stressful process, do the loft conversion.

Near the sea, family near by, mortgage free?

Extend.