The Ultimate Guide To Upsizing: What To Consider Before Making The Move

Upsizing your home is more than just extra square footage—it’s about creating the lifestyle you want and ensuring your home is a better fit for your family’s needs. Whether you’re starting to feel cramped in your current home or planning ahead for a growing family, this guide outlines what you need to know before making the move.

We’ll explore what upsizing means for different life stages, how to manage the financial side—including bridging loans, stamp duty, and managing two mortgages—and how a financial adviser can help make your dream home a reality.

Upsizing for growing families

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If your family is expanding or your current property simply doesn’t suit your lifestyle anymore, upsizing may be the smart way forward. Here’s what to keep in mind:

Space requirements

Think about both your current and future space needs. Do you need an extra bedroom, a home gym, or a bigger backyard where the kids can play? Ask yourself how much space you’ll need in five years—not just today.

Financial Planning

A financial adviser can help assess your financial situation, explore larger loan options, and create a tailored strategy to manage the costs of a bigger property—from stamp duty and insurance to renovation or relocation expenses.

Family lifestyle needs

Consider how a larger home might affect your family’s day-to-day life. Will you be closer to better schools, have more room to host relatives, or finally gain your own space in the form of a study or extra room? This can make all the difference.

Choosing the right time

If you’re planning to sell your existing home and buy a new home, you may need temporary accommodation or explore a bridging loan to cover the gap between transactions.

Upsizing for empty nesters

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It may sound counterintuitive, but some empty nesters choose to upsize rather than downsize their family home.

Lifestyle change

Parents want a property with a home office, a granny flat for visiting children or grandkids, or a larger entertaining area. This transition isn’t just about space—it’s about a lifestyle that reflects where you are in life.

Financial considerations

Working with a financial adviser can ensure that upsizing doesn’t disrupt your retirement savings or cash flow. They can guide you on accessing assets, managing a larger mortgage, or understanding the tax implications of using the proceeds from your current home.

Weighing your options

Before you purchase, consider whether renovating your existing home might achieve the same goals, or if downsizing may be a more realistic solution for the future. An adviser can help you compare the costs, benefits, and long-term outcomes.

Upsizing in retirement

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For retirees, upsizing is often about creating a home that supports the next chapter of life—comfortably, safely, and without stress.

Accessibility

Ensure the new home supports aging in place. Wide doorways, single-level layouts, and proximity to shops, medical services, and transport can make all the difference.

Financial security

A financial adviser can ensure the move aligns with your financial situation and supports your broader goals for wealth preservation and lifestyle in retirement.

The long-term view

If you’re considering a larger home to accommodate kids, grandkids, or even a home business, it’s important to assess how the property fits into your future plans—and whether it might one day be part of your estate or investment strategy.

The costs of upsizing

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Beyond the purchase price, upsizing comes with additional expenses that are easy to overlook:

• Stamp duty and legal fees
• Moving costs and utility reconnections
• New furniture, renovations, or landscaping
• Higher insurance premiums for a larger home
• Ongoing maintenance and rates.

If you carry two mortgages—one on your new property and one on your current home—your cash flow and borrowing power will be stretched. A financial adviser can help ensure this doesn’t place your long-term goals or retirement plans at risk.

How a financial adviser can help 

A financial adviser plays a critical role when you’re upsizing:

• • Budget planning: They’ll help you assess your income, debt, and assets, providing strategies to afford a bigger home without compromising your financial future.
  • Cash flow modelling: Advisers can model different scenarios—including bridging loans, selling your current property, or keeping it as an investment—to determine the best option for your financial situation.
  • Investment options: Advisers can guide you on how to use your equity, access existing assets, or restructure your loan to reduce risk and unlock funding.
  • Managing risks: They’ll help you navigate interest rates, property market changes, and potential risks like delayed sale or temporary accommodation needs.
  • Long-term planning: Whether you want to retire sooner, reduce debt, or build wealth, a financial adviser can help you stay in control of the process and move forward with confidence.

Conclusion

Upsizing isn’t just about adding more rooms—it’s about choosing a home that reflects your needs, supports your lifestyle, and prepares you for the future.

Whether you’re preparing for a growing family, planning for retirement, or simply seeking a better fit, working with a financial adviser is a smart way to manage the process.

Having expert support can make all the difference, from assessing how much space you really need to structuring your finances and planning for the years ahead.

If you’re ready to take the next step toward your dream home, reach out to us today. Our financial advisers are here to help you make the move with confidence—and make your upsizing journey a reality.

Disclaimer

The information within, including tax, does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information, you should consider its appropriateness regarding your objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser.

The views expressed in this publication are solely those of the author; they are not reflective or indicative of the licensee’s position and are not to be attributed to the licensee. They cannot be reproduced in any form without the author’s express written consent.

Elliot Watson Financial Planning Pty Ltd and its advisers are Authorised Representatives of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.

Article by Izack Fuller – Financial Adviser