I noticed some blog posts lately about net worth and retirement. Its also that time of year when we receive our property assessment notices. It can lead to questioning if a home went up $30,000 this year should that increase be included in a net worth statement?
The short answer is yes.
If push comes to shove "you can always eat your house". By that I mean you can always sell your house and rent a place to live. This will provide excess cash to live on if you need it.
On the other hand...if you stay in your house when retired and don't take out a mortgage on it to get access to some cash flow...it won't provide any income. But home ownership means you won't have to pay rent each month and this will reduce the need for retirement income.
I know some people who have sold more expensive homes in Vancouver, bought less expensive newer ones on Vancouber Island. They use the extra cash for other things in retirement like boating.
Owning a home gives one more options when retirement comes around.