For use at home, I would go no bigger than a 43 inch umbrella.
I almost bought a 60 inch umbrella, thinking bigger is better, until the salesman talked some common sense into me.
A 60 inch umbrella is "about" 5 feet in diameter.
1 - The average ceiling is about 8 feet above the floor. That give you only 3 feet of vertical adjustment, maybe less.
2 - Next thing about the horizontal space. If you take up 5 feet of horizontal space, how much (or little) space do you have left to walk about in?
A 60 inch umbrella is just too big to comfortably use in the average home.
Now if your studio is your garage with a 12 foot ceiling and lots of space, things are different, and a 60 inch umbrella makes sense.
Having said that, I would also consider one of the softboxes made for use with a shoe flash.
The light from a softbox is easier to control than an umbrella.
Unfortunately, a shoe flash softbox is not big, like you could have with a monolight or pack system flash. So more for head and shoulder than full length.
As for stands. Think about the height.
If you have a shoot that you have to put the bare flash up high, you need a stand that will go up about 7-1/2 feet, in the 8 foot ceiling room. And even taller in your 12 foot garage.
If you travel, how short will the stand collapse down to? I had to buy a second set of stands, because my first set would not collapse short enough to fit into a suitcase. bummer.