My only thoughts on this is not to compare with your neighbor. Family and career planning should be your reasons. Do you see a big family after your wedding? Do you see a career move within 2-5 years?

If you think that this house is enough now, will it be enough 5-10 years from now when you have 1, 2 or 3 kids?

The space provided in this 22x80 is enough for a mid-sized family. Even without extension, your basic renovations + furniture will most likely eat into the 80k already ie. kitchen cabinets, wardrobe, lighting, grills, auto gate (maybe).