[Christien]

We had a similar decision to make - major reno or move? Not quite the same as you - we had plenty of inside space (3 BR, 2100 sq ft on 2 floors + finished basement), but we wanted more outside space (currently 50x150 foot lot, wanted about 2 acres). We looked for the better part of a year and everything we found was either way too expensive or needed another $50k of work. We ended up staying and doing to reno, and a large part of that was the fact that we could make our house perfect for US - not for anyone else, for US.

Now, a big factor in that decision, and this should play into yours, was how long we planned on staying here, and what we expect to get out of it when it's time to move. Many folks do renos that will bring the biggest return. We said nuts to that - this is OUR house, not the next guy's. We plan on staying here until my wife retires (another 20 years), so we're in it for the long haul. We chose flooring which we love, but is a bit much for other folks. Same with fixtures, tile, countertops, etc. plus we put a pool in. Now we're extremely happy with the house, and really don't see moving, and when we do, we know we won't have maximized its value. That's fine with us.