How much better is life in a bigger home?

[Silverdrainpipe]

We are considering moving. We currently rent a one bedroom apartment. It’s not very big. Maybe 500 sq ft. No outdoor space.

We have seen a two bedroom maisonette that’s just within budget. It’s just shy of 1000 sq ft. It has a tiny terrace but enough space to eat dinner in the sun.

The extra cost is a lot. It’s at the top end of our budget. We’ve recently had a salary increase and this would eat all of the increase.

So how much does a bigger house improve your quality of life? We are a professional couple, who often need to work in the evenings or one day a week at home. No kids.

How do you feel in your current flat? Does it feel cramped? Are you always aware of it being too small for your needs? If so, go for the bigger one - a more suitable space will definitely increase your quality of life.

If you're happy in your current place, but just wondering about the bigger one, I'd probably stay put and use your increased disposable income to improve your quality of life in other ways, or to save to buy if that's your aim.

Whilst the space would probably be better you're going to the top of your budget and paying someone else's mortgage.
If you're moving abroad anyway I'd stick it out where you are and save the extra cash for when you move abroad or as a back up in case you need it.

I’d second this. We lived in a small (500sqft) tatty apartment which was well below our means (we were earning 250k between us and spending 1300/month in 2017/18) but in 2019 we bought somewhere which then went up in value massively after Covid. None of that would have happened if we’d been spending everything we earned on rent.

How much do you think the tatty apartment would rent for now?

I’ve just checked a rent inflation calculator and it’s saying about £1750 / month. For reference it was a 1-bed in Shad Thames (near Tower Bridge) so not a cheap area but it was the cheapest flat in that area we could find.

@Silverdrainpipe

i would stay in the flat. 2 reasons 1.save the money for the move 2. I seriously dislike maisonettes!

"obviously more space buys you freedom and happiness", etc. really! I have never lived in a big house,it's never appealed. I grew up in a 2 up 2 down (only child) lived in a caravan 5 years. The biggest house (2nd) DH and I had was the first we bought,3 bedroom semi with a 25 ft through lounge....(2 rooms knocked together) I found it uncomfortable, would have liked to re install the wall. Much "happier" when we moved to a cottage. We did add a conservatory,to eat in. I am extremely tidy though. Now the downsize bungalow, the only thing I miss, is the under stairs cupboard! It's open plan, first thing my much younger neighbours did was add a wall between the living room and kitchen.

Huge difference! Loved my 2000sq foot apartment, with giant windows. Generally healthier and happier.

i have also loved in a cheap shithole with bad insulation, heating, plumbing, crappy layout, and no cooling. And I felt all around horrible.

but. Finances matter. Housing is your biggest cost. Do you want to travel? Buy? Retire early? The younger you can squirrel away the better off you are.

you do you!

But you’re out at work all day, so why have something bigger that’s more money down the drain whilst you’re saving to buy. I’d stay where you are until you can buy something better.

we were in a 2 bed flat with 2 kids 2 adults and a dog, we moved to a 2 bed house with garden and it was the BEST thing we did. Having to go back to that flat everyday was genuinely depressing the only outside time the kids had was us taking them to the park. They now have a lovely garden they can come in and out as they please kids have a bigger room and we transformed the cupboard under the stairs into a toy cupboard

We've moved from a 4 bed detached to a 2 bedroom log cabin! 2 adults and 1 kid. Less cleaning and get rid of loads of crap you don't need.
However, we do have outside space which makes a huge difference, even if the weather has been rubbish. Having no neighbours was the dream for us!

I wouldn’t stretch myself if renting / yes the extra space is good but you don’t really need it with 2 people to be honest - extra space also means extra cleaning and extra furniture etc. I would save the money for future deposit or a nice holiday instead. 500 sq ft is plenty of space for 2 adults.