What steps needed to migrate and upgrade Fusion to new Mac running Yosemite?

[gosox13]

I have been running Fusion 5.0.5 with Win 7 on an older Mac machine running OS X 10.6.8. I will be getting a new iMac with retina running Yosemite in a few days and want to move Fusion and my virtual machine to the new computer, and upgrade to Fusion 7. Am I correct that I must first move my old Fusion application and VM to the new computer, and then upgrade to Fusion 7?  Apple will be migrating all my old files and programs to the new Mac, but they said that the migration might not transfer my Fusion files. Also, I want to allocate a much larger hard drive space to Fusion on the new computer. Exactly what are the steps I should follow to migrate everything over successfully? I plan to continue running Win 7 as my VM.

[WoodyZ]

You do not need any previous version of VMware Fusion installed to upgrade to a later version.  Simply download the latest release directly from VMware's website and install it.  Then copy/move the Virtual Machine Package from its current location to the new Mac by one manner or another.  Then either use VMware Fusion > File > Open... or double-click the Virtual Machine Package in Finder. Either will then populate an entry on the Virtual Machine Library window for ongoing access.  You can choose to upgrade the virtual hardware, if not prompted, via Compatibility in the VM's Settings.  Also, don't forget to upgrade VMware Tools within the Guest OS if it doesn't happen automatically.

[gosox13]

Thanks very much Woody. I would like a bit more information about the process, if you don't mind:

1) Can I download the latest Fusion on the new computer and only pay the upgrade price? How do I do that? I don't want to pay for a full new install. Will it ask me if I have an existing license number during the download steps?

2) When I install Fusion on the new computer, I assume I can allocate a larger section of my hard drive than I had allocated to Fusion on the old computer, correct? I will have much more hard drive space available.

3) Do I use "copy" or "move" to transfer my existing virtual machine?  I have an external drive to which I can copy (move) the file and then attach the drive to the new computer to transfer the file to the new Mac, if that procedure will work.

4) Will Microsoft require me to terminate my Win 7 license on the old computer to transfer it to the vm on the new one? Or can I have both running until I am satisfied that everything has been moved and working properly in the new computer?

Sorry for all the questions, just want to get it right. Thanks.