when you renovate your basement you are supposed to get a permit which gets entered into the tax system so they know to increase your property taxes.
Re: line of credit.
What you can get isa homeowners LOC of a secured line of credit as it is also called.
say when you bought the place it was worth 300k so you borrowed 250k. Now the property is worth 600k and you owe 220k. The bank will say you have 380k in equity in the home and will extend you a secure line of credit (probably around prime or prime +0.5%). this way if you default on the LOC they just take your house. It essentially work like remortgaging your home but instead of paying mortgage rates and having the restrictions of a mortgage it operates like a line of credit.
make sense?
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