Torn between staying in our low-maintenance house or upgrading for a bigger block (+$100k debt + stamp duty). Is it worth it?
Hi everyone,
My partner and I are currently torn between staying put in our current home or proceeding with a contract to move to a larger property. We’re in the cooling-off period and driving ourselves crazy trying to weigh up the financials vs. lifestyle.
Here is the situation:
Option A: Staying in our current home
Property/Block: 350 sqm subdivided, narrow/long block. Low maintenance, but virtually no usable outdoor space.
Pros & Cons: The orientation isn't great, so it lacks natural light inside. However, it's located in a quite nice suburb.
Financials: Remaining mortgage is $570k (repayments are manageable). Staying means zero hassle, no transaction costs, and keeping our existing low debt.
Option B: Moving to the new property
Property/Block: 730 sqm, nice rectangular block. Beautifully renovated older home with lots of character, lovely skylights, and tons of natural light.
Outdoor/Features: Comes with a small pool, shed, studio, greenhouse, BBQ and a lovely landscaped backyard. Perfect for enjoying outdoor living and for our dog.
Cons: Located on a main road. And around 10 more minutes to city. It has double-glazed windows, but some traffic noise is inevitable. Bedrooms are a bit small and lack built-in wardrobes.
Financials: Moving will increase our total mortgage to ~$700k (an extra $100k+ in debt) plus we'll have to absorb all the buying/selling costs (stamp duty, agent fees, etc.).
While our household income can technically service the higher mortgage, taking on more debt in today's high-interest rate environment is giving us a massive headache.
Additionally, the new house has its own set of flaws—it's an older property, and we're quite worried about ongoing maintenance and potential hidden costs eating into our budget down the track.
Would love to hear your thoughts and perspectives. Thanks!