Property Summary: 485 Washington Avenue, Winnipeg
Key Characteristics & Appeal
This one-and-a-half storey home, built in 1914, presents a practical opportunity in Winnipeg's Chalmers neighbourhood. Its primary appeal lies in its efficient use of space and its position as a relatively blank canvas. With 1,130 sqft of living area, the home is notably larger than many comparable properties on its street and in the immediate area, offering more interior room than one might initially expect for the assessed value. The lot size of 3,000 sqft is modest for the city but typical for the area, requiring less maintenance.
The property suits buyers looking for an entry point into homeownership or an investor seeking a straightforward rental property. Its below-average citywide assessed value indicates a lower property tax burden, which is a significant, often overlooked, long-term savings. The home has an unrenovated basement and a detached garage, suggesting potential for future expansion or customization to suit the buyer's needs, rather than paying a premium for already-completed work. It’s a property for those who value proportional space over lavish finishes and see potential in a home’s basic structure and location.
Frequently Asked Questions
1. What does "unrenovated basement" typically mean for a house of this age?
It generally indicates the basement is in original or functional condition, likely with concrete floors and walls, and used for utilities and storage. It may not be finished as a living space, which is important to factor into your plans and budget.
2. How should I interpret the assessed value compared to the sale price?
The assessed value ($19.70k) is for municipal tax purposes and is very close to its last sale price ($19.60k in 2021). This suggests the market and city assessment are aligned, but remember, the current market price is determined by today's buyers and sellers, not the assessment.
3. The home is "above average" for living area in the area but "below average" citywide. What does this tell me?
This highlights the neighbourhood's character. You are getting more interior space relative to your immediate neighbours, which is efficient. However, homes in other parts of Winnipeg are built on larger lots with bigger footprints, so your overall value is concentrated in the living space rather than the land.
4. What are the implications of a detached garage?
A detached garage offers flexibility—it could be used purely for parking and storage, or potentially be repurposed (e.g., as a workshop) without impacting the main house. Consider the walk to the house in winter and whether the garage's condition matches your needs.
5. The home is over 100 years old. What are the priorities for inspection?
Beyond standard inspections, focus on the foundation and structural integrity of an older home, the condition of the roof, the plumbing and electrical systems (which may have been updated piecemeal over decades), and energy efficiency, as older homes can have higher heating costs.