316 Lake Ridge Road

Property Overview

This single-storey home at 316 Lake Ridge Road in Crestview is a practical and modestly-sized property. Built in 1970, it is newer than many of its immediate neighbors and comparable homes in the area. With 1,008 square feet of living space and a renovated basement, it offers a functional layout on a standard city lot of 3,466 square feet. Notably, it has no garage or pool. Its recent sale in July 2024 for $32,500 and its assessed value of approximately $25,100 position it well below the citywide average for home prices.

Key Characteristics & Appeal

The primary appeal of this home lies in its affordability and simplicity. It represents a genuine entry point into homeownership, particularly for first-time buyers or investors seeking a straightforward, low-maintenance property. Its renovated basement adds valuable flexible space, which is a significant asset in a smaller home. The fact that it is newer than most on its street and in Crestview suggests potentially fewer immediate concerns related to aging infrastructure compared to older peers.

This property would suit a buyer with a limited budget who prioritizes getting into the market over size or specific amenities. It could also appeal to an investor looking for a rental property in a stable, established neighborhood. The compact lot and lack of a garage mean maintenance is more manageable, aligning with a minimalist or downsizing lifestyle. A thoughtful perspective is that this home’s below-average metrics in size and value for the wider city are precisely what make it accessible, offering a trade-off that many newer, more uniform suburbs cannot.

Frequently Asked Questions

1. Is this a good investment property?
Given its low purchase price and assessed value, it presents a lower barrier to entry for rental investors. However, the lack of a garage and smaller size would influence the rental demographic and potential income.

2. What does "renovated basement" typically mean here?
While specifics aren't provided, in homes of this era and price point, this often means finished living space, possibly with a secondary bedroom or recreational area, adding crucial functionality to the home's footprint.

3. How does the lack of a garage affect daily living?
It means relying on street parking and requires planning for vehicle protection during Winnipeg winters. For some buyers, this is a worthwhile trade-off for the lower price and reduced maintenance.

4. The home sold recently in July 2024. What does that indicate?
The quick resale could indicate a number of scenarios, from an investor flipping the property to a change in the previous owner's circumstances. It does show active market interest at this price level.

5. The lot is smaller than the area average. How big is it really?
At just under 3,500 square feet, the lot is a standard city size for its era. It provides adequate outdoor space for a garden or patio but is not suited for extensive additions or large detached structures.