Tuesday, April 12, 2011

Calculating the Net Worth

Now that my net worth calculation includes + and - values, I want to get a clear picture of where I stand financially.

My line items include:
RRSP - 840.00
TFSA - 690.00
Various Savings - 915.00
Home - 180,000 (?)
Mortgage - 160,017

* I operate on a zero-based budget, so any money in my chequing account is already accounted for towards bills or savings.

Total: $22,428

Since purchasing my condo I've done a number of renovations and improvements.  I guessed that those improvements in addition to the fact that the condo showed very poorly when I purchased it has increased its value by $5,000.  According to the Toronto Real Estate Board the average resale condo price for the month of March was up 8% from the same time last year, so perhaps a small increase there.

Instead of making a guess as to what the value of my condo is, I'm having an expert come check it out.  One real estate company in Toronto handles exclusively lofts, so next week I'll have a realtor come and give me his opinion.  His company has sold many of the units in my building, so I'm confident that I'll have a realistic figure. 

Tomorrow's post: Net Worth Goals

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