Thinking About Upsizing? 5 Good Reasons to Stay and Expand

You may love your home… but suddenly, it’s not quite big enough.

Maybe the kids are growing, you’re working from home more often, or you’re simply ready for a bit more breathing room. Whether it’s adding a new bedroom, updating your kitchen, or planning that deck out the back for summer BBQs, the question is: should you upsize where you are or sell and buy something new?

Let’s break it down and explore why upsizing your current home could be a smart move, and when it’s worth considering a change.

What are you really after?

Before you make any big decisions, it’s worth asking – what do you want to achieve?

• Is it more space for a growing family?
• A new kitchen to improve your lifestyle and home value?
• A second bathroom to stop the morning chaos?
• Or even a full-blown renovation that turns your current place into your forever home?

Once you understand your goals, this will help you determine whether it’s better to renovate and extend your current home, or pack up and purchase a new one.

Why stay put? Here are 5 reasons to upsize your current home

1. Save on stamp duty and selling costs

Buying a new home isn’t just about the sale price. Stamp duty, legal fees, agent commissions, and moving expenses all add up. Depending on your location and property value, stamp duty alone could set you back tens of thousands. By staying put, you avoid many of these costs which you can reinvest that money into your renovation instead.

2. You already love the area

It’s hard to put a price on feeling at home in your neighbourhood. You know the parks, the best coffee spots, the school drop-off run. Maybe you’re even walking distance to family or friends. If your location still works for your lifestyle, staying and expanding can give you the best of both worlds – more space without losing the community you love.

3. Renovating may be a smarter investment

Spending $200K–$300K on a renovation or extension could significantly increase the value of your home, especially if done well and with resale in mind. An updated kitchen or an extra living space doesn’t just improve day-to-day living, it can also deliver a solid return when you do eventually sell.

4. Avoid the stress of moving

Moving house can be chaotic. From decluttering and packing to navigating open homes and auctions, the process takes time, energy and focus. If you’re already in a home you like, renovating or extending means you can keep your life in place while upgrading your lifestyle.

5. Make it truly yours

When you buy an established home, you’re often stuck with someone else’s design choices. But when you renovate your existing place, you can shape it around how you live and your and your family’s needs, adding the features, finishes and functionality that suit your family now and into the future.

What about buying a new home?

There are certainly times when buying makes more sense. Maybe your current block isn’t suitable for an extension. Maybe you need to relocate for work or want to change school zones. Or perhaps the costs of renovation outweigh the value it will add.

It’s important to weigh up your long-term goals and finances. If you’re choosing between spending an extra $300K on a new purchase versus investing the same amount in your current home, it’s worth crunching the numbers. Will that spend go further in boosting your lifestyle and equity if you stay? Or does a new property offer more upside? Remember to list all your moving expenses – stamp duty, real estate commission, legal fees and moving costs.

Ready to explore your options?

Whether you’re leaning toward renovating or ready to buy your next property, I can help you understand the finance options available. From refinancing and funding your renovation to borrowing for your next home, I’ll help you make a confident, informed choice with expert lending advice tailored to your situation. Together we’ll work out what’s possible now, and we’ll do some star gazing and look into the future to plan for changes and further growth.

Let me into your circle of trust and let’s chat about your goals and what’s possible. Call me on 0430 511 500 or email me at glen@keystonemortgagebrokers.com.au. I offer no-obligation free credit checks and a free property report as well.