House renovation or move?

[Pammela2]

We’re in Scotland, in a good area, and are thinking of doing a loft conversion- hip to gable- to get 2 bedrooms and a shower room. It’s currently a bungalow with only velux windows.

We would then also look to take down a wall and re jig the downstairs for the stairs and create a larger open plan area.

I am guessing based on local info that it could be about £70k for the loft and possibly another £30-40k for the re-jigging and kitchen.

I have looked at moving but we’re in a very desirable area where you have to pay over home report (so capital is gone) and almost all require some upgrade although not as much in terms of big work.
Stamp duty would also be around £40k and then solicitors fees etc.

What would you do in this situation? I’m leaning towards extending as I loathe to pay so much in tax!

I'd remodel but I think you'd need more than £100k.

Probably renovate but definitely prepare yourselves for it being a massive upheaval, taking a lot longer and costing more than you anticipate

How much would you guess? We’d basically be taking down a wall and adding one. The kitchen is staying where it is atm.

I think we could have about £120k at a push..was hoping this would be ok as there’s no foundations etc.

The rejigging is basically taking a wall down, creating space for a utility and then new kitchen in the open plan area. It might need a steel beam but apart from that I’m hoping quite straightforward. So was hoping 30/40k would be ok for this? Any insight, please let me know!