Pros & Cons of
Upsizing/Downsizing
Your Home

Whether you have family members moving in or out of your home or would like to change things up, there are many considerations when upsizing or downsizing into what could be the last home you buy.

Upsizing Your Property

Reasons for moving into a bigger home can vary. Perhaps you’re looking to treat yourself or maybe you see a deal too good to pass up. Whatever your reasons, have an honest conversation with yourself about the extra costs so you remain in control of your financial future.

Pros:

Gives your growing family the space they need
More space for hobbies, projects, or a home-based business
Entertain more guests and friends
Rent out spare rooms for additional income

Cons:

Higher mortgage payments, utility and maintenance costs mean you have less disposable income to do other things
More time and health needed to maintain it
Additional budget needed to purchase more furniture and other household items

Downsizing Your Home

Minimalism has become a popular trend; a cultural shift towards saving more and taking back personal time is a better option for many. However, depending on family size and personal needs, moving into a smaller home is not always the best choice, here are some points to consider.

Pros:

Simplified lifestyle
Lower housing costs means more financial flexibility
Less maintenance frees up time to do what matters to you
Unlocked equity from your previous home can help your other financial goals such as retirement become a reality
Smaller carbon footprint is better for the environment