Property Overview
This two-storey home at 702 Talbot Avenue in East Elmwood presents a practical opportunity in a mature Winnipeg neighbourhood. Built in 1978, it is notably newer than most homes on its street and in the immediate area. With 1,152 sqft of living space, it offers above-average roominess for the locality. The property includes a detached garage and a basement, which is noted as being unrenovated. A key characteristic is its modest 2,499 sqft lot, which is smaller than typical for the area but translates to lower maintenance. Its appeal lies in being a relatively modern, manageable-sized home in an established community, often at a more accessible price point due to the smaller land footprint. This would suit first-time buyers, downsizers, or investors seeking a straightforward, lower-maintenance property without the upkeep of a large yard or a century-old structure.
Frequently Asked Questions
Is the smaller lot size a disadvantage?
While the lot is smaller than area averages, it reduces yard work and maintenance costs. It can be an advantage for those seeking a more manageable outdoor space or who prioritize interior living area over land.
How does the 1978 build year affect the home?
Being built in the late 1970s, this home likely has modern wiring, plumbing, and insulation standards compared to many older neighbourhood homes. However, buyers should still budget for updates common to homes of this era, such as windows, roofing, or interior finishes.
What does the "below average" assessed value indicate?
The assessed value is below averages for East Elmwood and Winnipeg. This typically reflects the smaller lot size and the unrenovated basement condition. It can suggest a potentially lower property tax burden and an opportunity for a buyer to add value through updates.
Is the unrenovated basement a major project?
The basement is described as not renovated, meaning it is likely in a functional but basic state. It presents usable space for storage or utilities, with the future potential to be finished. Buyers should have it inspected for moisture and foundational integrity.
How does the 2021 sale price relate to current value?
The home sold for $220,000 in August 2021. This provides a historical benchmark, but current market conditions, interest rates, and any changes made to the property since then will determine its present value.