The Financial Aspects of Upsizing: What You Need to Know Before Taking the Leap


So, you've outgrown your current home, and you're considering the exciting journey of upsizing. Whether you're expanding your family or just in need of more space, upsizing can be an exhilarating milestone. But as any seasoned homeowner will tell you, bigger homes often come with bigger financial responsibilities. To help you make an informed decision, this blog post delves deep into the financial aspects you should consider before taking that leap. Let's dive in!

Additional Mortgage Costs

How Much More Will You Pay?

One of the most obvious financial implications of moving to a larger home is the potential for a higher mortgage payment. The first step is to speak with a mortgage advisor to understand how much more you'll be paying monthly, yearly, and over the lifespan of your mortgage.

Fixed vs. Variable Rates

Do you go with a fixed or variable rate for your new, larger mortgage? While fixed rates provide predictability, variable rates might save you money in a declining rate environment.

Property Taxes: Size Does Matter

A bigger home usually means more square footage and likely a higher assessed value, which usually leads to higher property taxes. Make sure you budget for this long-term expense, as it can substantially add to your yearly financial commitments.

Upkeep and Maintenance

General Maintenance Costs

Larger homes often require more maintenance, both indoors and outdoors. Whether it's extra square footage to clean or additional fixtures to maintain, these small expenses can add up.


Don't overlook the increased costs in utilities. Heating, cooling, and even lighting a larger space can significantly impact your monthly expenses.

Closing Costs, Again

Remember those closing costs you paid when you first purchased your home? You'll have to pay them again when you sell your current home and buy a new one. Budget for legal fees, realtor commissions, inspection costs, and more.

The Cost of Moving

Whether you're hiring a professional moving service or renting a truck and doing it yourself, moving isn't free. The larger the home, the more stuff you'll likely have to move, increasing these costs.

The Importance of an Emergency Fund

Finally, it's crucial to maintain a robust emergency fund when you upsize. Larger homes can have larger issues, and you'll need a financial cushion to handle any unexpected surprises.


Upsizing is more than just moving into a larger space; it’s a long-term financial commitment. As the saying goes, "to be forewarned is to be forearmed." Knowing these financial aspects will help you prepare adequately for what lies ahead.

Call to Action

Navigating the financial aspects of upsizing can be challenging. If you're contemplating taking this significant step, I can provide tailored advice to make this transition as smooth as possible. Contact me for a consultation at (403) 512-9825 or via email at Let's make a plan that works for you.

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.