Move home, loft conversion or pay off mortgage bit quicker

lazzareo2009

I'm in a situation where we'd ideally like an extra room (office) and more space (bigger rooms) for my children but it's not essential. I keep going back and to on scenarios and can't decide what the best option would:

1. Extend/loft conversion (give us that extra space)
2. Look to move to a bigger home
3. Do nothing and pay off mortgage a bit quicker

Like I said above its not essential that we get the extra space but ideally we would welcome a bigger house although our mortgage is still quite high and the term outstanding is 24 years. We can now afford a few hundred extra a month to do any of the above but can’t work out what the best thing to do would be.

• Option 1 is doable but not straight forward due to the type of house we have and the restrictions the current build imposes, i.e. hip roof and corner plot so can’t really extend to far due to keeping in line with the adjoining road.

• Option 2 would (move house) would be the most expensive option and give us exactly what we want but my concerns are if my job situation changed and had less money coming in we may have over committed.

• Option 3 stays as we are but means we can reduce the overall term of the mortgage a little and least risk

Hoping I can get some ideas and advice from you guys on what you would do.

Thanks in advance.

ellie27

How old are your kids? If they are still under 5 yrs old then more space would be an essential for me and I would not just do the option 3.

If you love your house and its location etc then the conversion/extension would be my choice, but if that cuts into the garden then I probably wouldnt! I would probably just move house!

lazzareo2009

ellie27 wrote: »

How old are your kids? If they are still under 5 yrs old then more space would be an essential for me and I would not just do the option 3.

If you love your house and its location etc then the conversion/extension would be my choice, but if that cuts into the garden then I probably wouldnt! I would probably just move house!

Hi, our kids are 10 & 7. We've been here for 13 years and love house but it has its flaws in terms of layout and any extension would cut into garden and wouldn't leave us with much left.

ellie27

lazzareo2009 wrote: »

Hi, our kids are 10 & 7. We've been here for 13 years and love house but it has its flaws in terms of layout and any extension would cut into garden and wouldn't leave us with much left.

I love my outdoor space and wouldnt lose any garden and definitely not consider extending if it didnt leave much garden. My kids are only 4 and 6 yrs old and are out in the garden everyday whether its rain/hail/snow. Your kids are older, do they use it much? Would you miss the garden?

chelseablue

lazzareo2009 wrote: »

Hi, our kids are 10 & 7. We've been here for 13 years and love house but it has its flaws in terms of layout and any extension would cut into garden and wouldn't leave us with much left.

In that case, if it was me, I would move house


As you say Option 2 would give you exactly what you want from your home, and life is too short to not be happy with where you live