Need some sage advice on pros and cons - to move or wait

[ChesterTown]

We live in a house that we really like. It is slightly too small, and we need to build an extension. It is a terrace, so doing that would be a nightmare. However, in all other aspects we love our house, it is light, great views, good neighbours.
We have just seen a house come on the market. it is pretty much the same size as our (although a 3 bed not a 4, as it has no loft conversion done). However, it is a semi, and has room at the side for a two storey extention, giving us another two bedrooms and a bigger extra downstairs room that we would have if we entended ours. Ball-park figures are that extending ours would cost about 30K, extending the other would cost about 50K. Currently they are about the same value (other house may be 10K more as semi and bigger garden).
So, should we go for it? Would there be any benefit in waiting, assuming price drops will be pretty much the same selling/buying.
It feels like a really big gamble, but could also be our only chance of getting a bigger hous as most houses in the area are terraces with small gardens. However, we love our house, and are not sure that even when bigger, the other house would be as bright, no views etc...WWYD? Help!

If they are currently pretty much equal in price, there is no advantage to waiting for further drops unless moving from one stamp duty band to another is an issue.

Tbh, I would stay put. I live in London where the vast majority of properties are terrace and, OK, doing major rear extensions is a pita but they're not impossible. If you like the house, the area and even your neighbours, you only want to get more space but it is extendable, why not stay put?

Ta for your reply. Part of me feels that I should wait, as it might end up cheaper, but I can't quite see why that would be (am I going mad?)
Upsides of the other house are, once extended, it would have all the room we want, plus the garden is about twice the size of our current house. However, ours currently has (distant but extensive) sea views, the other does not, our house faces south, new house faces west. If we do extend our current house, it will not be as big as the other house, and we will have to compromise on the extension design, which we wouldn't need to in the other house.
Our house is about 80% done to our tastes now, the new one would need redecoration/storage etc pretty much everywhere, and we would want extension done quickly as we would be a bedroom down on what we have now.
Aargh!

Read back your posts: you don't want to move. Your current home is "slightly too small"; "should we wait"; we "are not sure that even when bigger, the other house would be as bright, no views etc". Most importantly you love your current place. Get a good architect onto the case and see how much of a compromise your extension would have to be.

lala - I know!
I do love my current house, but maybe it isn't practical as my family grows. This other house could be much better size-wise than my current house, and I don't have those 'I love it vibes' for it becaue I haven't lived in it yet iykwim!
How much will I miss my views and the sun streaming in through the windows? How much would I appreciate the extra rooms? How do I decide!

Honestly I am addicted to rightmove, keep finding houses I think I like and wanting to look at different options for the family but in my heart I know 2 things. First there is nothing wrong really with my house, like you I'd like more room, but for the sake of at least £7k in stamp duty, plus £1,000 in removal costs, £500 solicitors fees and £2.5k in estate agents, I can live with it. More rooms equals more cleaning, more furniture to buy, maybe even more council tax and probably an increase in mortgage.
Secondly children do like stability, my eldest tells me she's going to buy this house off me when she's bigger so she never has to leave ever, I think if you can then you should stay put for as long as you can.
I shall save this thread and read it back to myself when I wobble.

I think you need to think short term and long term. Are they the same? You love your current house even though when extended it may be a little smaller that what you would want, but you would be giving up your south facing garden, your views. How old are your children?

We bought this house 5 years ago, a 3 bed modern detached with big kitchen, but smallish garden. We had 1 boy back then who was just 1 yr old. All fab and fine.

Roll on 5 years, we now have 2 sons, so they are almost 6 and almost 3, bedrooms are still good size (3 doubles) but they tear through my house (no hall only vestibule) and the garden is too small for them to run around in.

We will be putting our house on the market in the next few weeks as price wise a 4 bed is easily in reach for us unlike at peak prices when it would have been a push.

My sister moved from a house they had done up to perfection as it was on a very small plot of land to a house the same size but on a huge plot giving them scope to have a huge kitchen. It is a nightmare still inside in some rooms that they haven't done yet, the rooms they have done are stunning. They know it is a long term project and it is their forever house so they are prepared to wait.

We have just gutted ours from top to bottom, every room. We don't want to spend our time in the next house sorcing items or actually doing the work. We have done that here.

So maybe weigh up the work involved, not just the extension in the new house but the whole house.

Thank you

Fizzy, yes, this would be a long term move - the house for our children to grow up in, and my situation sounds similar to your sister's.

I think one thing holding me back is that aside from an extension, we would be commiting a lot of money to this new house, whereas if we stay in our current one, the extension would be smaller and the garden would stay small, but we will fork out less. I will probably grumble about it too , but will I stress more if we spend, but I do get the space I want?

Hmmmmmm...

Hats off to you for sorting your house! It us such hard work when yu have young children about the place

Agree with Sorrento, don't forget the sheer horror and stress in selling and buying a home. Fine if like us you have to move (going from a one-bed flat to a house) but you don't sound convinced to me.