“Should I upsize my house?” It’s a question many homeowners eventually ask at least once, especially when you’re tripping over toys or struggling to close the door on an overpacked closet. There’s no one-size-fits-all answer. Your lifestyle, family size, and financial situation will all factor into your final decision.
This guide will help you make the best choice for your next move. We’ll discuss how to determine if it’s time to upsize your home or if downsizing might be the better option. We’ll also explore the benefits of upsizing your home, including the tell-tale signs you need a bigger house.
Upsizing vs. downsizing
Upsizing your home essentially means you’re leaving your current home and moving to a bigger house. There are many reasons you may want to consider buying a larger home. For example, if your family is growing, you’ll likely need more bedroom space and a dedicated room for their toys. You also may need a home office, so you can have a quiet place to work.
Upsizing your house pros and cons:
- Pros: More space for a growing family, plus extra rooms for hobbies, work, or guests
- Cons: Higher costs and more upkeep
On the other hand, downsizing involves selling your current home to move into a smaller living space. Empty nesters often choose to downsize because they no longer need the extra bedrooms and prefer less maintenance. Minimalists also like the simplicity and incentive to own less “stuff” that downsizing can provide.
Downsizing pros and cons:
- Pros: Save money on your mortgage and utility bills, while spending less time on maintenance
- Cons: Less storage and smaller or cramped living areas
When to upsize your home
What’s the best time to upsize a house? There are often clear signs you need a bigger house. Maybe you have space limitations in your current home, are outgrowing your home, or just need more space for kids and family.
Still unsure? This quick upsizing home checklist may better help you decide:
- Space needs: Do you need extra bedrooms or storage?
- Budget: Is affording a bigger house a possibility?
- Limitations: Does your current house prevent you from upgrading appliances, improving your furnishings, or owning a pet?
Pro tip: Evaluate the shortcomings of your current living space to determine if upsizing is the right move. Consider possible future needs, such as a baby on the way.
5 benefits of upsizing your home
Is it worth upsizing your home? The benefits of upsizing your home may sway you in the direction that moving to a larger space might be just what you need.
- More living space for family gatherings, to entertain, or for working on your hobbies
- Increased storage areas that reduce constant clutter
- Extra bedrooms and spare rooms (for example, a home office)
- Enhanced comfort and privacy
- The larger property may likely increase in value over time
Upsizing vs. renovating
One common question is whether to upsize to a new house or renovate the one you already have. Sometimes staying put and improving your home can be the best choice! Renovating could be the answer to your current home’s much-needed improvements and space issues by adding rooms or altering the layout.
And it could save you money and the hassle of moving, but not always. Renovation projects can run into zoning barriers, construction mishaps, or other costly issues. And, living in a space that’s being remodeled isn’t ideal or, in some cases, possible. So, weigh your options carefully. It’s wise to take into account the budget, time, and living requirements for each option.
How to upsize your home successfully
Buying a bigger home is such an exciting step! However, before making a commitment, first double-check that you can afford a bigger house without straining your finances. Once you’ve decided you can and want to upsize, work with a realtor. They’re often more familiar with your ideal area and can help you find the best fit. Also, keep an eye on the best time to buy a bigger home. Seasonal trends and interest rates can save you money. Once you’re planning for the move, organize early to reduce stress on moving day.
Final thoughts on upsizing your home vs. downsizing
When considering whether to upsize your home or downsize, it ultimately comes down to what fits your lifestyle best at the moment based on your current life stage, financial situation, and family needs. If you have a growing family or want more space, upsizing your home might be the way to go. Otherwise, if you’re looking to simplify, save money, or reduce chores, downsizing could be the perfect fit.
The best choice is the one that fits your current needs and lifestyle. It’s also a smart idea to get advice from experts. Talking with realtors and trusted companies can help you better understand your options and create a plan that works for you.