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

Cons:

  • Smaller space may take some time to get used to
  • You’ll need to downsize your possessions
  • Lost time, energy, and money to move and re-establish yourself

Contact an Advisor today so you can have the confidence of knowing if a bigger or smaller home is in your financial future.