We have a house that we are comfortable in.
There is an option to build a better house or buy a larger house.
We are in regional NSW central west
If we upgrade it means more work etc
I am having mixed feelings.
Not sure whether we should go into more debt or just be happy with what we have .
Help please
Age 45, married with 2 kids.
Both at private schools.
We both have basic full time jobs earning 120k together.
Why not stay where you are and invest whatever money you have ?
Lots more factors to take into account. Good luck.
Your age, relationship status, children and their age, any plans for more, your work status, plans for retirement.
Going further into debt to invest in an appreciating asset is considered "good" debt so it could be a wise decision to upgrade if you can comfortably afford the repayments.
45.married with 2 kids.
Both at private schools.
We both have basic full time jobs earning 120k together.
I like the sound of good debt
Why would you want to go into more debt ? Unless its going to make you more money, then its not worth it.
It's only worth renovating if you need the extra space or modernization, even then dont over capitalize for the area.
I think you need to question your motives to answer this question properly.
You only live once. You'll make new memories in the new house. I say go for it.
If you're happy where you are, why would you even consider this?
We have a house that we are comfortable in.
This really says it all. Just because you can upgrade doesn't mean you have to. Is there any reason why you would want to? Those reasons would be factors for whether renovating or buying a bigger house would be more suitable (e.g. You want more rooms - you can add that in a renovation. You want a bigger kitchen, harder to do by renovating an existing house.)
I reckon stay where you are. I've known a few too many people who continually upgraded their houses and ended up losing everything and going back to renting due to other life complications (sickness, retrenched due to company closing down).
Isn't it simple? Just work out how much extra it would cost you to renovate, and compare it to how much it would cost to buy a house with those features already in place.
Tip: pick the lower number
If you are happy where you are then stay. If you have money that you want to spend on property then do that and rent it out.