Property Overview & Appeal
This 1983-built, one-storey home in Elmhurst offers a practical layout with 1,090 sqft of living space and a finished basement, situated on a generous 5,249 sqft lot. Its key appeal lies in its established, quiet neighbourhood and a notably well-maintained vintage relative to its peers—it ranks newer than 97% of houses on its own street. The property presents a balanced, move-in-ready foundation with room for personal updates. It would suit first-time buyers seeking a manageable single-level home, downsizers looking for a low-maintenance layout without sacrificing yard space, or value-oriented investors attracted by its solid lot size and above-average citywide rankings for age and assessed value.
Potential Buyer FAQs
1. What does the ranking data actually tell me?
The rankings compare this home against others in specific areas. For example, being newer than 97% of homes on its street is a strong point for maintenance, while its interior size is more modest relative to the neighbourhood. This highlights a property with a good structural base on a large lot, where the value may be in the land and the building's condition rather than expansive square footage.
2. Is the finished basement a legal suite?
The listing notes a finished basement but does not specify a separate entrance or kitchen facilities. It is essential to verify with the municipality whether the current finish meets code for a secondary suite or if it is simply renovated living space.
3. What are the implications of the house being 43 years old?
While ranked as newer for the street, a home of this age will have original components nearing the end of their service life. Prospective buyers should pay particular attention to the condition of the roof, windows, HVAC system, and plumbing during an inspection, as these could be due for updates.
4. How does the lot size benefit me?
At over 5,000 sqft, the lot is a significant asset. It provides ample private outdoor space, potential for gardening, landscaping, or adding a deck/patio. For the future, it may also offer sub-division or expansion potential, subject to zoning bylaws.
5. Why is there a difference between the assessed value and the listing price?
The assessed value ($399,000) is for municipal tax purposes and reflects a mass appraisal from a prior date. The listing price is set by the seller based on current market conditions, recent comparable sales, and the home's specific features. The assessment can be a useful benchmark but is not a direct determinant of market value.