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Yup maybe my first comment wasn’t too clear! It feels pretty balanced to me as I can completely see the attraction of a rear extension and just having some lovely living space. TBH I think if the rear looked easier to do, that might also change my calculations a bit - the fact it might be complicated because of the patio is another reason that puts me off. If unsure, do the easier one…
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it might be complicated
This is one of the things that puts me off extending ours. Our neighbours have a big extension that looks like the Before from that Love your Home VR program thing. It's a fucking awful load of boxes stuck onto the existing building. So I reckon to do ours well will be a big metal load. At the other end mate who's bought near us has the sort of shaped house and garden that a toddler could design an extension and revised layout for.
I have absolutely no idea of the reality, but in one of the episodes of that show the architect designed a side extension made of wood that didn't require any excavation works.
Edit: here Your Home Made Perfect, Series 3: 3. Natasha and Gael: http://www.bbc.co.uk/iplayer/episode/m000wvy2 via @bbciplayer
To me that seemed like a brilliant idea, especially in a situation where you don't need loads of extra m². It was never really explained why but in the program they didn't go with the wood extension. My cynical guess is builders being typically conservative. Anyway thought I'd mention that as if it's viable it could be a way for you to have that small and cheap extension.
Edit; missed the other post.
Personally I'd say in your subsequent post you've given a series of very sound needs that imo outweigh the nice-to-have of a bigger living area. So I'd treat the loft as a priority.
Your first post read more as "it'll make our bedroom nicer". Which to me would (as Chris said) make an extension more important.