Too Big, Too Small, Too Much

The Stay/Go Analysis

Option 1 (stay in current house) --
Plus
Personal long history, much loved place.
Appropriate size for two -- compact, comfortable.
Well maintained and attractive.
Nicely upgraded finishes and features.
Well landscaped, well-used yard spaces.
At tail-end of (still useful) mortgage.
Minus
Neighbors too near -- noise, lights, cars, rentals.
Two story -- only half-bath downstairs; no downstairs bedroom.
Stairs to all outside areas.
High maintenance exterior (roof, trees, yards).
Not easy to clean.
Furnace, water heater, appliances are aging out.
Older, less efficient in general.
Requires significant, ongoing, upgrading/replacement.

Option 2 (build proposed house) --
Plus
Designed specifically for us -- our preferences, tastes.
Beautiful lot, located in neighborhood we love.
Pulls (otherwise dormant) high equity out of current house.
Increased space, privacy, viewspace and quiet, natural surroundings.
Most living space on one story.
Higher efficiency and convenience overall.
All new appliances -- all new finishes.
Low maintenance exterior.
Easier to clean.
Desirable neighborhood, where equity should rebuild.
Minus
Go back into debt -- higher mortgage, long term.
Requires landscaping usable yard spaces from scratch.
One less bedroom (although more square footage).

Option 3 (don't build; just move) --
Plus
Costs are more fixed, predictable.
Presume buy/move process may be less stressful overall.
Market slightly up, to sell current house and the (difficult) build property.
Minus
May not be able to sell property for enough, or quickly.
Inventory is limited here -- leave area to find desirable/acceptable availability.
Might not find an existing house/property that meets our requirements.
Unknown costs (likely that any existing house would need improvements).
Costs may not, ultimately, be less than building new.
Requires leaving neighborhood we love.
Settling for Plan B.