thinking of upsizing? discover the true costs of owning a larger winnipeg home and plan ahead with expert guidance.
Let’s Break It Down So You Can Plan Ahead and Make a Confident Decision.
Upsizing to a larger home is an exciting step—more space, greater comfort, and new possibilities. However, it’s essential to consider the financial implications. A bigger home means more than just a larger mortgage; it often comes with increased costs in utilities, maintenance, and property taxes.
Before making the move, understanding these additional expenses will help you plan effectively and avoid surprises. From higher heating and cooling bills to increased upkeep, being financially prepared ensures you can enjoy your new home with confidence. Let’s explore what to expect so you can make a well-informed decision
1. Mortgage & Property Taxes
Higher Purchase Price = Higher Mortgage Payments – Even with a good interest rate, a larger home means a larger loan. Be sure to calculate your monthly mortgage payments in advance.
Property Taxes Increase – Property taxes are based on your home’s assessed value, so expect higher annual tax bills. Check Winnipeg property tax rates to estimate costs.
2. Utility Bills
Heating & Cooling Costs – More square footage means more air to heat in winter and cool in summer, leading to increased energy bills.
Water Usage – A bigger home may come with more bathrooms, a larger lawn to water, or even a pool—each adding to your monthly water bill.
3. Home Maintenance & Repairs
More Space = More Upkeep – Larger homes have more windows, flooring, roofing, and appliances that require maintenance or replacement.
Lawn & Landscaping Costs – If you’re moving to a property with a bigger yard, factor in costs for landscaping, snow removal, and lawn care services if you don’t plan to DIY.
Unexpected Repairs – A larger home may have more complex systems (HVAC, plumbing, electrical), leading to higher repair and maintenance costs over time.
4. Furnishing & Decorating
More Rooms to Fill – Extra living areas and bedrooms mean additional furniture, décor, and storage solutions.
Window Coverings & Fixtures – Blinds, curtains, and lighting for a bigger space can add up quickly.
5. Home Insurance
Higher Coverage Needed – Insurance costs increase with a larger home due to higher replacement values and potential risks like finished basements or extra amenities (e.g., pools, fireplaces).
6. Lifestyle & Commuting Costs
More Space to Maintain – Cleaning a larger home takes more time—or a bigger budget for professional cleaning services.
Commuting Considerations – If your new home is in a different neighbourhood or outside city limits, consider how your commute time and fuel costs might change.
Is a Larger Home Right for You?
A bigger home can be a great investment, but it’s important to budget wisely and plan for all the additional costs. If you’re considering upsizing, I can help you assess your needs, explore your options, and find a home that fits both your lifestyle and budget.