u/Dry-Breadfruit-9349

My partner and I are both professionals in our late 30s with two young kids. We currently live on 5 acres in regional Victoria in a 4 bed/2bath home worth around $1.25m with a $350k mortgage. We also have significant savings sitting in offset and a household income of over $750k p.a., so affordability isn't really the issue. We're considering selling and buying an attractive lakeside property in town in the $2.3m–$3m range. The move would reduce our commute by around 15 minutes each way every day, allow the kids to walk to school, put us closer to work, sports and activities, and give us back a lot of time currently spent driving and maintaining acreage. The alternative is to stay where we are and spend $300k–$400k renovating and upgrading our current home to a much higher standard, creating more of a luxury lifestyle property while keeping the land, privacy and lower debt. Financially, either option is achievable, so this is really a lifestyle decision. For those who have faced a similar choice, would you choose the convenience and time savings of living in town, or keep the acreage and invest in making it a forever home? Any experiences or perspectives would be greatly appreciated.