What to do ?

LOUISE1982_2

H,
I am mortgage free, but we need to, 1 sell and move. Or, 2 improve the home we are in? we would need about £50,000 to put an extention on and refurbish, or we would need around £50,000 to move, we are both just over 50. The thing that is if we move it costs around £10,000 just for the fun of it.
Would like advice on what to do ? And where to go for the cheepest way to finance this.

Catatonia

If you can get the home you want by altering the one you have, I'd go for that option every time.

BitterAndTwisted

Are you sure that this extension and refurb will cost £50k? That sounds like an awful lot of money to me. What you could remortgage for and the length of the term will depend entirely on your current and projected incomes. At your time of life a lot of folk are considering down-sizing: what is the reason you need all this expensive extra space for?

poppysarah

Why do you need more space?
Look at why before you work out how or where.

LOUISE1982_2

Thanks for your help all,
the reason that it would cost around £50k is we need new Windows and doors , replace an old back boiler, and heating system, we need a new bathroom, rewired,a bit of structual work done, and decorated throughout, it is basicaly on a council estate, market value as it stands is around £180 k, a home that is almost the same house, but in much better condition with modern heating, ect would sell for around £230. The extention that I mentioned would be to take exsiting out-buildings, convert to a downstairs bathroom and utility room .

Your right at our age we should downsize, however we live in Brighton and a small bungalow not too far from our work would be at least £210 - £230 k and the cost of moving on top. We realy are not sure what to do, which ever will cost money that we would have to borrow, look forward to reading your feedback
Thanks

mlz1413

If you like your neighbours and like the area then improve the home you have.

The work you are talking about could be done in stages, although I understand why you just want to bite the bullet and do it all at once do think about how it will affect you. IE moving furniture from every room, dust, floors removed, no washing facility when bathroom out, no cooking facility when kitchen is out.

lincroft1710

I may be wrong (I often am) but I would have thought a bungalow on a private estate would be better value than an "improved" house on a council estate.