Do we sell our house

[Lalalalalala1234]

First time poster….
We bought our home 8 years ago and have renovated and extended it in that time. The value of the house has doubled.
We love this house and area, and are very happy here with our children. However when our bills are paid there is nothing left to play with, in fact we are usually over drawn. We have no other debt . We are in our 40’s both work and will be paying our mortgage off until we are in our late 60’s.
My question is do we sell now and that will enable us to downsize and buy nearly outright and be pretty much mortgage free, and save money for our future and have more money to play with every month, or do we keep trundling on paying the house off and not have much money to play with or even save for the next 20 odd years? I’d like opinions please, what would you do?

How old are your children?

They are 10

Personally, I'd keep the bigger house, my children are a similar age and I am assuming they may well be still living with us into their twenties and I think as they get older space is going to be more important.

Have you already been through all other spending? Checked sky, internet, aa, insurance etc are as cheap as you can get?

Is anything likely to change in your financial situation e.g you'll be able to work more hours once they are in secondary, a promotion etc?

When you say in overdraft every month, is that with no luxuries at all or after you've paid for reasonable standard of life?

How much will be eaten in legal and moving costs? Prices between areas vary so much so it's hard to get a handle on this from info given.

If you are just about managing life with some enjoyment I'd be inclined to hang on but if you are really very much scraping by with no scope whatsoever to cut outgoings then move.

But consider the age your kids currently are for school catchment (is it worth waiting another year?) and how you'd feel about never being able to get back what you have now.

If you are in a five bed but could happily manage in a three bed it's very different from going from a three bed house to a two bed flat in terms of meeting family needs long term.

Won't you get pay rises ?