Please ensure Javascript is enabled for purposes of website accessibility
Search
Accessibility Menu

15 Questions To Ask Yourself Before Upsizing Your Home

By Maurie Backman - Sep 10, 2022 at 9:10AM
The front of a charming house.

15 Questions To Ask Yourself Before Upsizing Your Home

Upsizing is a big decision. Make it wisely

Maybe the first home you bought was a starter home -- one you expected to outgrow after a handful of years. Or maybe you thought you were buying your forever home but now are eager to score more space. Upsizing your home could improve your quality of life. But before you take that leap, be sure to run through these key questions.

5 Stocks Under $49

Presented by Motley Fool Stock Advisor

We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Previous

Next

Person covering face behind table covered in papers, a calculator, a notebook, a pen, a mug, and a mobile phone.

1. Am I struggling to afford my current home?

If you're having a hard time affording your current mortgage and housing expenses, upsizing is a bad idea. Unless you relocate to a part of the country where housing is much cheaper, upsizing will generally mean adding to your housing costs. That's not a great idea if money is already tight.

ALSO READ: How Much House Can I Afford?

Previous

Next

Person doing calculations in a notebook.

2. Have I figured out what my new mortgage payment might look like?

Upsizing could mean taking on a much higher mortgage. And that's something you'll need to make sure you can handle. Before looking at larger homes, run some numbers to see what monthly payment you might be looking at.

Previous

Next

Notebook with Property Tax written and underlined in orange on its cover.

3. Have I considered how my property taxes might rise?

If you stay in the same town but upsize your home, you can expect your property tax bill to rise. Now, if you live someplace with affordable taxes, that may not be an issue. But if taxes are high in your neck of the woods, you may not be able to absorb an increase easily.

ALSO READ: Should You Move Due to Soaring Property Taxes?

Previous

Next

Person typing on a laptop at a desk.

4. Have I factored in higher homeowners insurance costs?

The more space you have, the more it might cost to insure your home. Part of the reason is that your insurance policy needs to include coverage in case your home is destroyed and must be replaced. Before committing to a bigger home, you may want to do some research to see what your homeowners insurance premiums might look like.

Previous

Next

Finger flipping a light switch.

5. Have I accounted for higher utility bills?

The more square feet you have to heat and cool, the more you might spend on utilities. And unfortunately, it's hard to estimate utility costs ahead of time because they'll depend on not just your personal usage but also the age and state of your home's various systems. If you're upsizing, you may want to err on the side of overestimating your utility bill increases to make sure they fit into your budget.

5 Stocks Under $49

Presented by Motley Fool Stock Advisor

We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Previous

Next

Person repairing a heater.

6. Can I manage higher maintenance costs?

A larger home could result in more maintenance -- both inside and out. Make sure you can handle the costs to maintain a bigger home so you don't wind up cash-strapped.

Previous

Next

Person mowing lawn.

7. Do I have time to do more maintenance myself?

Home maintenance isn't just expensive. It can also be time-consuming. Make sure you have the time to take on that extra work before buying a larger home.

ALSO READ: Why We're Doing More Home Maintenance Ourselves This Year

Previous

Next

A suburban street with numerous houses for sale.

8. Can I upsize and stay in the same neighborhood?

It may be possible to upsize affordably by moving to an area where housing is less expensive on the whole. But if you have children, going that route could mean enrolling in a new school district. It's important to consider how that might impact your kids.

Previous

Next

The inside of a furniture store with various couches and other items displayed.

9. Will upsizing mean you have to spend lots more on furniture?

The more rooms your home has, the more furniture you're apt to need. And that could get expensive. Granted, you don't necessarily have to furnish your new home right away -- but you may want to.

ALSO READ: How a Furniture Purchase Almost Derailed My Mortgage Loan

Previous

Next

A person uses a laptop in front of a sunny window.

10. Am I upsizing at the right time?

Mortgage rates are higher nowadays than they were last year. And that means if you upsize now and sign a mortgage, your monthly payments might be difficult to manage. It could pay to hold off on upsizing to see whether rates come down.

5 Stocks Under $49

Presented by Motley Fool Stock Advisor

We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Previous

Next

Happy adults and children snuggle on couch.

11. Do I need extra space -- or just want it?

If you live in a two-bedroom home and your family has gone from two people to five, it's easy to see how your current setup just doesn't work. But there's a difference between needing more space and wanting it. And if you're in the latter boat, you may want to think of different ways to make your current home work.

Previous

Next

Basement being converted into room.

12. Can I add living space to my existing home?

Upsizing could mean moving to a new town or part of the country. So before you take that step, find out whether it's possible to add living space to your current home. For instance, putting an addition on your home could give you the extra room you need.

ALSO READ: Read This Before Putting an Addition on Your Home

Previous

Next

Labeled moving boxes, house plants, and coffee mugs in a den.

13. Have I budgeted for moving costs?

Moving is expensive. On top of paying higher housing costs when you upsize your home, you'll need to cover the cost of a move. Granted, this would hold true even if you were moving to a smaller home, but it's an expense to consider nonetheless.

Previous

Next

Two people standing with a graduate in cap and gown and holding their diploma.

14. Will my children be living at home much longer?

It's one thing to upsize if your kids are in elementary school and you expect them to live at home for another decade or more. But upsizing may not make sense if your kids are on the cusp of going to college. It takes time to recoup the costs of moving and signing a mortgage. If you upsize now and only end up needing your larger home for three years, you may not make your money back if you decide to sell it.

ALSO READ: 3 Money Moves to Make Before Your Kids Head Back to College

Previous

Next

Two people looking at receipt and laptop in kitchen.

15. What will upsizing force me to give up?

Upsizing could mean taking on much higher housing expenses. And while a larger home might make you happy, it could also mean giving up other things you love, whether that's vacations, restaurant meals, or something entirely different. Make sure you're willing to make that sacrifice.

5 Stocks Under $49

Presented by Motley Fool Stock Advisor

We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Previous

Next

Several bushes and trees of different colors in front of a house.

Is upsizing right for you?

In some cases, it pays to upsize your home -- especially if you can do so in a way that leaves you plenty of financial breathing room. But if you're on the fence about upsizing, be sure to run through these questions first. The last thing you want to do is commit to a larger home only to realize you made the wrong choice.

The Motley Fool has a disclosure policy.

Previous

Next

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.