I've got to be honest and say that I write much of this with tongue firmly in cheek as our house was a bungalow that had four extra bedrooms, an extra bathoom, large conservatory and very extensive garden works, all done before we moved in 15 years ago. It is certainly not in the best of areas.

However, it is the house that my father built with his own hands for my grandfather, I was born literally across the road in a nursing home and my great-grandfather had a house at the bottom of the road that was probably the best for miles around (it was subsequently torn down by hungry developers for the land). I also have no long term intentions of moving

You may be in a similar situation, but more likely you will be looking to buy as well as you can, incur the minimum additional expense and look to sell as well as you can when you move.

Having worked out your budget, BUY AS LARGE A HOUSE AS YOU CAN. Then redecorate and insulate if necessary. That way, you'll have spent your money most wisely of all. If there is none, add central heating before you redecorate.

If you want to grossly over-capitalise your home, do as I did, but don't expect to be able to move for many years.

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