Important Questions to Ask Before Upsizing Your Home 

That old saying ‘bigger is better’ is not necessarily the case when it comes to property. Too often, we are attracted to the promise of a roomy abode, without considering the long-term stress of heightened mortgage repayments and upkeep. Upsizing can be a necessary transition, but before committing to a larger pad, it is crucial to consider your financial and familial circumstances. Here are eight questions to ask yourself before upsizing your home.

upsizing your home

1. Is this necessary?
It is important to assess your motivations for investing in a bigger home. Is your family expanding? Do you need more workspace? Or, are you simply pursuing a dream of living in a large, lux pad? Determining whether a shift to a bigger place is necessary to your current circumstances or future plans, will help clarify whether it is a healthy investment.

2. How many rooms do I require?
Buying a house is a long-term commitment. So consider your ten-year plan when upsizing your home. How many kids do you want to have? What will their sleeping arrangements look like? Will you host regular guests? Do you need spaces for entertaining or a home office? Do you have an ageing relative who is also likely to move in? It is important to be tactical about the functionality of a space. It is all too easy to invest in a larger footprint that is totally incompatible with your family’s needs.

3. How much can I borrow?
Do not rely on mortgage calculators to determine your borrowing capacity. It is crucial to arrange your finances and receive pre-approval for a loan, before committing to a property. Visit a lender and determine how much you are able to borrow for your new abode.

Image: Houzz – Martha O’Hara Interiors

4. Can I afford repayments?
What do your monthly finances currently look like? How might this change in the future, as your family (potentially) transitions to a single-income household with more dependents? It is important to carefully assess your monthly spending and also determine whether you can afford the higher monthly repayments.

5. Can I cope with additional utility expenses?
Inevitably, your utility bills will be higher than those in your previous home. Maintenance costs may also be elevated. These are factors to consider when assessing the financial viability of upsizing your home.

6. Is it more sensible to renovate?
Get some quotes and also do your research. If you have the space and permission, adding an extension onto your old home, or building up, might cost less than investing in a larger home. It is, however, advisable to consider the additional cost of renting while the renovations are undertaken.

upsizing your home

7. What about the other costs and responsibilities of upsizing?
Some of the hidden costs of upsizing include a higher stamp-duty, the potential need to engage Lender’s Mortgage Insurance, conveyancing fees as well as moving costs. These should all be factored in as budgetary concerns. A larger house also necessitates more upkeep. You might have a larger backyard, more rooms to fill and clean, more gutters to service. Do you have the time as well as the facility to manage a larger property?

8. What is my resale potential?
When thinking about upsizing your home, t is important, also, to consider the potential resale market for larger houses. Some elements of upsized homes, such as stairs, can eliminate whole categories of buyers (such as those with accessibility requirements or young children).

Are you in the process of building a new house? Contact our iBuildNew team on 1800 184 284 or book a call for free, expert advice on choosing the right builder for you.

Nikki Sitch

Nikki is completing a Bachelor of Arts with a double major in English and Creative Writing. When not studying, she is rearranging her share-house according to the latest interior trends.


iBuildNew is the market leading aggregator dedicated to residential home construction and land development. As an independent platform, iBuildNew helps Australians identify and compare new home designs, house and land packages and land estates. It’s the smart way home buyers, who are considering a new build, can find the ideal options to match their individual needs. Home building is a big decision, we make sure you get it right.

You may also like

Oct 30, 2019

Getting A Pre-Approval Before Finding Your Dream Home

The journey from the borrower to a homeowner is an exciting yet daunting process that c...
Read More
Oct 16, 2019

Selling Your Home? How Much Is It Worth?

The process of selling your home requires several necessary steps particularly, estimat...
Read More
Oct 08, 2019

Downsizing In Comfort: Tips For Empty Nesters

Whether it’s embracing retirement or the rest of the family finally moving out of the h...
Read More
Oct 27, 2019

When Is The Right Time To Buy Or Sell Your Home?

When entering into the real estate market, it is all about getting the correct timing f...
Read More
Oct 26, 2019

Selling Your Property? 10 Questions to Ask Your Real...

Whether you are selling your lifetime home or an investment property, finding and selec...
Read More
Oct 23, 2019

Moving Tips: Reduce Stress & Make A Smooth Tran...

The process of moving into a new home comes with excitement and joy, but also a lot of ...
Read More
Oct 30, 2019

Tips To Increase Your Chances Of Getting The Mortgag...

For most aspiring homeowners, getting a home loan is usually part of the deal. With ban...
Read More
Oct 30, 2019

Buying A Home? Plan Ahead For These Hidden Costs

It can be too easy to become swept up in the excitement of buying a property, that you ...
Read More
Oct 08, 2019

What To Look Out For At An Open Home

The open for inspection can be a critical time for most buyers as they survey their opt...
Read More
Nov 06, 2019

First Home Buyers: Here’s How You Could Buy With Jus...

Following the federal election promises back in May, the Government has now provided mo...
Read More
Sep 26, 2019

Treat Yourself: High-End Finishes to Include in Your...

Building a dream home is something we all envision as part of our life plan. While cust...
Read More
Nov 13, 2019

Stocking The Home For First-Time Buyers

That sense of relief you feel when you’ve finally overcome the massive hurdle of closin...
Read More
Oct 11, 2019

Important Questions to Ask Before Upsizing Your Home 

That old saying ‘bigger is better’ is not necessarily the case when it comes to propert...
Read More
Sep 25, 2019

Tips For Buying Off The Plan For First Home Buyers

The process of purchasing property can be a daunting time, especially for first home bu...
Read More

Get more from

Browse New Home Designs