I bought a house in Dec, 02. Now my family is growing, should I extend or sell this house& buy another HM?
Answers:
The housing market is stagnant currently, so it's the wrong time to sell, unless you are willing to sell at a reduced price from what you could have sold it for if you sold last year. You could take the equity and buy a bigger home at a good price. You lose on selling but you gain on buying.
Other answers:
How big is the house. How big is the lot. are you happy there.
How big is the house. How big is the lot. are you happy there.
Stay in the house to build up your equity.
As a parent, I would want to consider whether or not my kids would have to change schools if I relocated. If your kids are younger than school-age, that at least removes that obstacle.
I would talk to your city's planning department to find out if it is even possible to add on to your existing home, and by how much. If that's an option: 1) get estimates on how much adding on would cost you, 2) have a realtor give you market value of your home, 3) find out how much it would cost to buy a house the size you want, 4) make a list of pros and cons of both staying and moving - financially, work involved, impact on kids and family, etc.
Hopefully, this will clarify what it is that's most important to you and your family; and make a decision much more clear.
extend
Talk it over with the rest of the family members and vote on it. If you can sell your home for a good price then go for it. I would definitely list mine first before I put any bids on another and see what happens. I outgrew mine the day I moved in. I need a room for shoes and a seperate room for clothes. If you are not comfortable there, by all means, move if you can.
Buy a new house.
The market is not right now to sell. Stay there and gradually fix the house up to just like you would want it if it was to be yours permanently. Then if you want to sell, it will bring more money, and if you should need to stay it will be as you like it.
extend