GVRD assessments and construction question

So when assessments jump up $140K in 1 year for 60 yr old houses in Port mOody, what do you do when you own? Now you have much more equity from the bank. Take money out and put it on a rental apartment? Keep it in the house? Take money out and improve the house? My kids are growing and the living area upstairs is getting tight (downstairs is tenanted). What's the ball park figure on adding 200sq ft (bedroom/ensuite) out the side that already has a foundation? Need NSMB financial guru advice…

So when assessments jump up $140K in 1 year for 60 yr old houses in Port mOody, what do you do when you own? Now you have much more equity from the bank. Take money out and put it on a rental apartment? Keep it in the house? Take money out and improve the house? My kids are growing and the living area upstairs is getting tight (downstairs is tenanted). What's the ball park figure on adding 200sq ft (bedroom/ensuite) out the side that already has a foundation? Need NSMB financial guru advice…

Rent out the kids to science.

Yes! That will pay for them to live downstairs and we won't have to see that extra arm growing! Win Win!

So when assessments jump up $140K in 1 year for 60 yr old houses in Port mOody, what do you do when you own? Now you have much more equity from the bank. Take money out and put it on a rental apartment? Keep it in the house? Take money out and improve the house? My kids are growing and the living area upstairs is getting tight (downstairs is tenanted). What's the ball park figure on adding 200sq ft (bedroom/ensuite) out the side that already has a foundation? Need NSMB financial guru advice…

Your realized home equity is $0 until you sell your home, especially if you are still paying down a mortgage. Assuming you don't own your home outright, it may not take much to put your mortgage underwater, like an earthquake in the LM or a financial crisis in Asia (or BC). Better to pay off any debt first and then sock away/invest disposable income that you can play with. Maybe I'm paranoid, but look what happened in the US in 2008. My 2 cents.

That's just silly talk. Those bank commercials tell me I'm richer than i think.

Ok, maybe putting money into the house is the 2nd smartest thing after debt paying.

Always remember that banks could mark to market.

I have no idea why the banks would encourage you to borrow, so you can spend more, so you can borrow more to service the debt from borrowing and spending.

No idea whatsoever.

So when assessments jump up $140K in 1 year for 60 yr old houses in Port mOody, what do you do when you own? Now you have much more equity from the bank. Take money out and put it on a rental apartment? Keep it in the house? Take money out and improve the house? My kids are growing and the living area upstairs is getting tight (downstairs is tenanted). What's the ball park figure on adding 200sq ft (bedroom/ensuite) out the side that already has a foundation? Need NSMB financial guru advice…

While the bank might lend you cash secured against this "new" equity, you still have to pay it back. So I don't think the assessment should factor into your decision whatsoever. Except for the decision to perhaps sell the place, pocket the cash, and move to a cheap town in another province.

if you add that extra bedroom/ensuite and go with permits that will up the assessed value of your home and potentially add to your ppty tax.

You should sell your place and give me the money. I can then use it to pay down my mortgage.

Actually if I was in your position I would work on paying down the mortgage.

Put a 100 sq ft spare bedroom/playroom/office in the back yard. Cheap, no permit needed, no disruption to your house

Now prices are getting redonculous. House exactly like ours up the street went for 300K over asking. This is port moody! Not even Heritage Mtn. I'm thinking cash the fuck out. Wife is thinking long term. How do I convince her to take the money and run?

Where will you run to?

Where will you run to?

Terrace or some place similar? Lots of skiing up there, likely no political BS is you want to build trails. Live mortgage free with a good size nest egg from cashing out.