Property Overview & Key Characteristics
This one-storey home at 471 Tweed Avenue in Winnipeg's Chalmers neighbourhood is a property defined by its generous lot and practical updates. Built in 1907, its primary appeal lies in its expansive 5,520 sqft land area, which places it in the top 5% of lots on its street. The home itself is modest in size at 704 sqft of living space and features a renovated basement and a detached garage. Its last sale was in 2019 for $190,000, with a current assessed value significantly lower than the Winnipeg city-wide average.
The appeal here is largely for the value-conscious buyer or investor who prioritizes land over the dwelling itself. It suits someone looking for a solid footprint in the city—a starter home with a large yard for gardening, pets, or future expansion, or an investor seeking a property with redevelopment potential given the lot size. The renovated basement adds functional living space, making the smaller main floor more manageable. A less obvious perspective is that a home of this age and lot size in an established neighbourhood often carries a lower property tax burden due to its assessment, which can be a significant long-term saving.
Frequently Asked Questions
1. What does the "renovated basement" include?
The listing confirms the basement has been renovated, but specifics on finish quality, ceiling height, legal egress, or permits should be verified with the seller or a viewing.
2. How does the low assessed value impact property taxes?
With an assessed value notably below the Winnipeg average, the municipal property tax bill is likely to be proportionally lower, which is a key ongoing cost advantage.
3. Is the large lot usable as-is, or are there restrictions?
While the lot is a major feature, buyers should check the zoning bylaws to understand what can be built (e.g., garage, addition, or new structure) and if there are any easements or odd lot shapes affecting usability.
4. Given the age of the home (1907), what should I be concerned about?
Prospective buyers should prioritize inspections for foundational integrity, outdated wiring or plumbing, and insulation. The age suggests character but also the potential for higher maintenance costs.
5. The 2019 sale price was $190k. How does that inform today's value?
This provides a historical benchmark, but market conditions, interest rates, and any improvements made since then will determine current value. It indicates the property has been in a lower price tier, which may influence financing and appraisal.