5/01/2013

Networth Update: May 1, 2013


I really wasn't sure about tracking my Networth at first, but I've found that it's been a really great exercise to go through - and I love seeing that tracking bar go up!  Our Networth is going up in fairly even increments right now because of our steady pace of paying down our mortgage and the car loan as well as increasing our regular savings through pension and RRSP contributions.  We have stopped contributing to share purchases at work for now, as that money is being re-directed to savings for our big backyard project.

A few notes:

Mortgage
Before tax, our home cost us $327,650, after tax it was $338,134 - after paying our down payment (5%) and adding CMHC Insurance (2.75%) for having a down payment of 5% rather than 20% our mortgage was $348,818.

So, you'll notice that when I report, for example, owning 3% of our home - I mean that we have paid that percentage of our mortgage off. You may also notice that we owe more than our homes City Tax Assessed Value. The value, as you may know, is arbitrary - because the home is worth only what a buyer will pay for it. We're not currently in the market, so it's difficult to know exactly what's it's worth. I used the value from our 2012 Tax assessment however; it is relatively common knowledge that tax assessments are not used when determining a sale price - but market value is.

Escape
We bought the vehicle new, off the lot - its fairly common knowledge that off the lot typically lose a lot of value as soon as you drive it off. I used a black book value website to come up with a value of $15,000. I actually saw pricing of vehicles ranging up to $22,000 or more for an Escape as old as ours however; I choose to use a more average valuation instead of over inflating it's value - because really...who knows what people would pay for it. 
Reactions:

2 comments:

  1. Do you think it would be safe to update your home's value to what the comparables are selling for? I would think that would be more accurate than the tax assessed value.

    ReplyDelete
    Replies
    1. As soon as the backyard project is done, well make te change! I'm so looking forward to that day!

      Delete

Hi! Thank you for stopping by and leaving a message.

Followers

Links ♥