Hardware upgrade from EC2 on AWS with CPanel

I have an EC2 instance on AWS with CPanel and I would like to increase the disk size and the type of instance, I thought about the following procedure:

• Stop the server
• Create an image (AMI)
• I launch another instance with this image with the disk, CPU and memory characteristics I want
• I associate the same IP that was in the previous EC2
• I start the server.

My question is: Would this be a correct procedure? If not, does anyone suggest another procedure for increasing disk and instance type? (The instance is simpler, I could simply indicate which one I want when starting the instance) Thanks.