Property Overview: 293 Lilac Street, Winnipeg
Section 1: Key Characteristics & Appeal
This two-storey home in the established Earl Grey neighbourhood presents a classic opportunity. Built in 1911, it offers 1,331 sqft of living space, which is competitively sized for both its immediate street and the wider area. A key characteristic is its 3,011 sqft lot, which is above average for Lilac Street, offering valuable outdoor space and potential in a mature setting. The home has a basement, but it is noted as not renovated, and there is no garage or pool.
Its appeal lies in its position within a sought-after neighbourhood and the solid foundation it represents. The lot size is a significant asset, providing room for gardens, play, or future expansion. The home suits buyers looking for a character property in a prime location who are prepared for a project. It is ideal for a hands-on buyer or investor who sees value in the underlying land and the structure's potential, rather than a turn-key solution. A thoughtful perspective is that its assessed value is notably lower than the city-wide average for comparable homes, which could indicate room for value growth through thoughtful updates, making it a strategic entry point into a desirable area.
Section 2: Frequently Asked Questions
1. What is the true condition of the basement?
The listing explicitly states the basement is "not renovated." Prospective buyers should budget for an inspection to understand the full scope of its condition, potential moisture issues, and the feasibility of future finishing.
2. How does the lack of a garage affect daily life and value?
There is no garage on the property. Buyers should consider the logistics of street parking, winter vehicle management, and the cost of adding a shed or future garage structure, balanced against the lot's available space.
3. The home is over 110 years old. What should I be most concerned about?
While the charm is undeniable, key focus areas for an older home like this include the state of the foundation, roof, plumbing, electrical systems (e.g., knob-and-tube wiring), and windows. An inspection is crucial to prioritize needs.
4. The assessed value seems low compared to city averages. Is that a red flag?
Not necessarily. The assessment is for taxation purposes and can be influenced by many factors, including the unrenovated state. It often reflects a past sale price (like the 2020 sale noted). The market value is determined by current buyer demand, the desirable location, and the lot size.
5. What are the immediate costs I should anticipate after purchase?
Beyond any personal renovation plans, immediate costs will likely include any urgent repairs identified in the inspection, potential updates to meet modern insurance standards (like electrical), and landscaping maintenance for the sizable lot.