The True Cost of Upsizing in Regina Real Estate: What Families Should Know

What Does It Really Cost to Upsize in Regina?

The cost of upsizing in Regina comes in two parts. Ongoing costs go up: your mortgage, property taxes, utilities, insurance and maintenance. One-time costs include real estate and legal fees, Land Titles registration through ISC, any mortgage penalty, movers and any repairs the new home needs. A Regina mortgage broker and real estate lawyer can help you put real numbers to your plan.

Upsizing can also improve your monthly cash flow. When you sell, you can use part of the equity in your current home to pay off debt such as a car loan, line of credit or credit cards. Your new mortgage may be the same as before or a bit higher. But with those other monthly payments gone, many families find they have more money left over each month than they did before the move. Your mortgage broker can show you how this would work with your own numbers.

Regina Upsizing Cost Checklist
Use this as your planning list. The sections below explain each step.

✓ Equity and down payment
✓ Mortgage payment
✓ Property taxes
✓ Utilities
✓ Home insurance
✓ Maintenance and repairs
✓ Selling and buying costs
✓ Movers and move-in projects

When Should You Start Planning the Numbers?

Most families do not sit down and build an upsizing budget. They focus on two things: their savings and the equity in their current home. Start looking at both six to twelve months before you plan to move. Ask your Regina REALTOR® what your home is worth in today's market, and talk to a mortgage broker about what that equity means for your next purchase.

1. Equity and Down Payment

Buying your second home is so much easier than buying your first. You do not have to save up and prove a down payment from scratch, because the equity in your current home becomes your down payment. For most move-up buyers in Regina, that equity is what makes upsizing possible.

A Regina mortgage broker can confirm what you qualify for, what your new payment will be and whether you can port your current mortgage.

Kelsey's Homeowner Tip
Ask your mortgage broker what it would cost to break your current mortgage early, before you list. That number can affect your timing.

2. Property Taxes

Regina property taxes are based on assessed value, so a larger or more valuable home usually means a higher tax bill. Check the current assessment on any home you are considering through the City of Regina before you write an offer.

3. Utilities

More square footage means more to heat through a Regina winter and more to cool in summer. Where possible, ask the sellers for recent utility history so you know what to expect.

4. Home Insurance

Insurance premiums depend on the home's value, age, features and location. Get a quote before your conditions come off, so you are not surprised by the cost after the deal is firm.

5. Maintenance and Repairs

A bigger home has more roof, windows, flooring and yard to look after. Plan for regular upkeep and for replacing major systems in the future.

Kelsey's Homeowner Tip
Ask about the age of the roof, furnace and water heater. If one of them needs replacing soon, it will affect your costs in the first few years.

6. Selling and Buying Costs

When you sell, expect real estate fees, legal fees and any mortgage prepayment penalty. When you buy, Saskatchewan has no land transfer tax, but you will pay Land Titles registration fees through ISC, plus legal fees and property tax adjustments. Ask your lawyer and mortgage broker for estimates based on your own purchase and sale.

7. Movers and Move-In Projects

Two costs are worth thinking about before you move: the cost of movers and the cost of any repairs the new home needs right away. Many families also want to paint or replace flooring before they bring any of their belongings inside. Those projects are much easier in an empty house. Plan for the cost, and talk to your Regina REALTOR® about possession dates that give you time to get the work done.

Our guide on how to upsize in Regina walks through every step of the move.

Kelsey's Real Estate Perspective

Upsizing Your Family Home? Do Not Avoid the Numbers.

Some families put off looking at the numbers because they worry about what they will find. The better approach is to look at them early, understand them and be prepared. Most families are pleasantly surprised by how much their equity can do for them. Knowing your numbers lets you shop with confidence and make decisions quickly when the right home comes up.

Plan an Upsize That Fits Your Family.
Kelsey Smith and the Regina Real Estate Group help families understand their equity, compare neighbourhoods and plan both sides of the move with confidence.