Property Overview & Key Characteristics
This 1975-built, single-storey home on a large 7,124 sqft lot in Eric Coy offers a practical, grounded living opportunity. Its primary appeal lies in its generous, private yard—a significant asset for families, pet owners, or gardening enthusiasts seeking space in the city. With 1,391 sqft of living space and a finished basement, the layout provides functional room to grow. The home’s competitive positioning is noteworthy: it ranks within the top third of Winnipeg for both lot size and recent sale value, suggesting it outperforms many comparable properties in overall value proposition. However, its assessment value ranks slightly lower, which may indicate room for modernization.
This property would suit a buyer looking for a solid, no-frills foundation—someone who values a large outdoor space over a brand-new interior and is comfortable with a home that has good bones but may benefit from personal updates. It’s a pragmatic choice for those seeking affordability in terms of property taxes relative to potential, or for an owner-occupant willing to invest sweat equity over time.
Frequently Asked Questions
1. How does the large lot size impact maintenance and utility costs?
While offering excellent private space, a lot of this size requires more time and effort for lawn care and landscaping. Potential buyers should budget accordingly for seasonal maintenance. Utility costs for a single-storey home of this age and size can vary; inquiring about recent heating and cooling bills is advisable.
2. The home ranks highly for its past sale price but lower for its assessed value. What does this mean?
The higher sale price in 2022 likely reflects strong market conditions and buyer demand for the lot and location at that time. The current assessed value, used for calculating property taxes, is a municipal valuation that often lags behind market swings. This discrepancy could suggest the taxes are relatively reasonable for the property's market potential.
3. Is the finished basement a legal living space?
The listing notes a finished basement, but it's crucial to verify the nature of the finish and whether any secondary suites or significant renovations were completed with proper permits. This affects insurance, safety, and future resale.
4. What are the implications of having no garage?
The lack of a garage means relying on driveway parking and finding alternative storage solutions for vehicles, tools, and seasonal items. For some buyers, this is a trade-off for the larger yard; for others, it may necessitate budgeting for a future shed or carport.
5. The home is over 50 years old. What major systems should be prioritized for inspection?
Given its age, a thorough inspection of the roof, foundation, plumbing, and electrical systems is essential. The furnace, windows, and insulation are also key points to evaluate, as updating these can significantly improve comfort and energy efficiency.