We live in a house that is approximately 12 years old on a relatively large corner plot. We have a nice view from the front and are not over-looked at the back. We have access to good schools and can walk into the centre of our town. So far so good.
When we bought the house we bought it with a view to extending it from 3 bedrooms to 4 bedrooms. The bedrooms aren't huge, in fact, only 2 of the bedrooms are any good at all. The 3rd is a single and is currently our study. We have plans for a 2nd child so obviously that will become the nursery.
Now that we have lived here a while we have decided that we have 3 options. We find the house too small for our needs and we want more living space. I would really appreciate your views:
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Convert our garage into living space and extend our small kitchen into a dining kitchen. Our through dining/living room would become a living room only. Garage would become a playroom/study/mess.
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Convert kitchen only, retaining our garage as a storeroom. We think it is too small for a car BTW.
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Move. We could afford to move but are reluctant to do so as we like the house, position etc.
If we go for options 1 or 2 I don't really care about the size of our bedrooms. We could also add in option 4 which is building another bedroom over the garage but I'm not sure there is any point.
If we went for option 1, do you think the downstairs would be too big for the number of bedrooms? Effectively we would be doubling the living space downstairs. Do you think it would add enough value to justify the additional cost on the mortgage?