Yes. With the house placement tool, when you place a valid house it sets down a ghost house and gives you a window with a warning that if you have a house already, it'll be condemned, blah blah blah... but while that window is up you'll be able to run around the house to, say, see if you have room to maybe place a bigger plot. If you don't select anything on that window, the "ghost" house will time out and no harm will be done to your house.
If you are resizing, BE CAREFUL. Especially if you are still in the week in between building/trading houses. While using the resize house command does circumvent this timer, I find that the house placement tool bugs out and skips that warning window. Imagine my anger when I was trying to place a keep and put down a small wood and plaster house just to test that this was, in fact, a place that allowed housing (I was having difficulty placing the keep and wanted to see if there had been changes to that particular area that made it no longer keep-friendly) and the wood and plaster house committed without me accepting any sort of warning window.