Reply to What would you do? Buy new house or renovate existing house?

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[quote=Anonymous]OP, we are in the exact same situation. Our mortgage rate is 2.5% and home purchased at $630K in 2014 (nearly 3K sq ft). We love our neighborhood and kids are within walking distance to schools. Our HHI has also gone up significantly so we could afford a much larger house.

We looked at new construction homes in the area but opted to go for the renovation. We did a major renovation in 2018 where we did kitchen, added a new bathroom for one child, and renovated the existing bathrooms & bedrooms. Our renovation project this year will be an extension on the living room to add space and fix basement.

The extension is costing us about $115K (not including basement). We figured that it wasn't worth it to lose our 2.5% mortgage and move to a bigger place. Our oldest will be entering HS and we won't always need a huge home. The lifestyle we keep with kids walking to school is unbeatable. I'm never in the car, which is great. I also don't want to start over meeting new neighbors and getting to know a new area - even if its close by. 
Finally, I love having the financial freedom of a low mortgage. It means that we have no stress. If one of us loses our job, gets sick, or we have a change in circumstances, we can handle it. We also save a ton and go on great vacations.

The homes we looked at were $2-2.5M. That's an insane amount for a house. I just cannot fathom it.

Best of luck[/quote]

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