Which would you pick?

Having a hard time deciding so looking for opinions, which would you prefer?:

Option #1: Stay in current home, 1400sq ft which you could pay off by the time you are 45 (in 10 years) already invested a good bit of money into it and easily needs likely another 60k of work. Only worth what you paid for it several years ago. Good school district, good town. Layout is going to be rather tight with 2 kids. If you were going to invest another 60k would stay for the long haul. Could stay in this house until retirement or later.


Option #2: Sell and buy a significantly more expensive house (taxes a big factor), 2000 sq ft house, take out a new 30 year mortgage, house does not need much work. Has great layout and all the space you would ever need but housing costs while still manageable would be tight. Housing costs would be about 36% to 37% of take home pay (approx 15% increase). Plus have to factor in additional costs bigger house and larger property. Same school district as option #1. Would need to downsize eventually.

Any opinions appreciated, trying to balance being practical, enjoying where we live and also having enough left over to enjoy life in general. We do not spend much on cars, vacations, etc.Thanks

Message edited 2/15/2015 9:37:29 PM.

Re: Which would you pick?

2 only for resale value.

You may not come out ahead as much if you stay stay w option 1 because you will have to sink 60K into it and if you had to sell for whatever reason before reitrement, you may not recover that money. Just my opinion. DH and I are in similar position and we are upgrading because I cant stand living in our 2 bedroom ranch anymore and need the extra space.

Re: Which would you pick?

I'd say option 2...or 3 (keep looking).

Option 1....just doesn't sound like you love your house and I think everyone should love their forever house..