To move or not to move?

jemima80

I currently live in a lovely (but small)two bedroom bungalow with my partner. We want to start a family so our dilemma is whether to move or extend? Unfortunately things are not that simple! My partner has recently been made bankrupt so the mortgage would be in my name. Do we stretch ourselves and move or stay in a lovely bungalow with a great plot and nice neighbours? Or do we extend and possibly spend more and live through the hassle? I am also worried about the slump that is being talked about in the press. What should I do?

avenida

I have drove myself crazy recently trying to make that same decision myself.

Ive had an architect out and builders quotes but in the end my heart just wasnt in it, it was the layouts downstairs I just wasnt happy with. I love where I live and have great neighbours but have always had itchy feet and run the risk that I may put on an extension and still want to move.

An extension may cost you more than you think, so check how much extra you can borrow etc with your building society

tyllwyd

You haven't really given enough information for anyone to give you sensible advice - for one thing, you say that your partner has recently been made bankrupt - that implies that money is very tight? Is your partner in a steady job? because if you have a baby (I'm assuming you are female!), that means going on maternity leave, possibly going back part time or paying huge childcare bills - or if things go badly, there is always a chance you might not be well enough to go back to work at all, and you would have to rely on your partner's earnings.

If you extended, do you think the extension would raise the value of the house enough to cover the cost of the extension, or would you end up in negative equity? Is it practical to extend the bungalow? Could you afford to pay for the extension?

A house price slump is always possible - just have a look at the debate house prices board - but nobody is going to be able to tell you for certain which way it might go, so my feeling is that you just have to get on with things, otherwise you will be paralysed worrying about it forever.

jemima80

My partner is in a steady job and I am currently a tecaher. Money is not tight but I worry that interest rates will go up.

I have quite a lot of equity in my house so I have a good deposit or money to pay for an extension.

delmar39

You mention that you want to start a family, so you've still got time to extend and make the place that you currently love into a family home. Having just moved I would avoid it at all costs. We wanted to move because we were no longer happy where we were, but you're circumstances are different. Good neighbours are worth their weight in gold, so don't give it up too easy would be my advice. If you're worried about rates going up just fix. Although it doesn't look like they will go up massively anytime soon.