Property Overview: 574 Buckingham Road, Winnipeg
Key Characteristics, Appeal & Ideal Buyer
This property is defined by its exceptionally large, nearly half-acre lot (19,061 sqft), which places it in the top 2% of all Winnipeg properties for land size. The home itself is a modest, one-storey 1,253 sqft bungalow built in 1960, featuring an unfinished basement and no garage. Its primary appeal is not the current house but the significant land asset and the potential it represents. The value proposition is clear: you are purchasing a vast, blank canvas in a mature neighbourhood.
The home would suit a specific type of buyer: those with a vision for the land itself. This could be a builder or developer looking to subdivide (subject to zoning), a homeowner planning a future custom build, or a buyer seeking immense outdoor space for gardens, recreation, or privacy in the city. It’s a strategic purchase for someone comfortable with a project, whether that’s renovating and finishing the existing bungalow over time or starting anew. The rankings suggest the existing structure is average for its area, but the land is a rare find.
Frequently Asked Questions
1. What is the zoning for this property, and is subdivision possible?
This is the most critical question. Any plans for building a new home, adding a secondary suite, or subdividing the large lot are entirely dependent on the City of Winnipeg’s zoning bylaws and would require a thorough review and formal applications.
2. Why is the assessed value relatively low compared to the lot size?
Municipal assessments typically reflect the current state and use of the property. The assessment likely weighs the older, unrenovated bungalow more heavily than the development potential of the land, which is a market-driven value.
3. Are there any known issues with a house of this age?
Prospective buyers should budget for and investigate common issues in a 66-year-old home, such as the condition of the roof, foundation, plumbing, electrical systems, and potential for asbestos or lead paint.
4. What are the estimated property taxes?
Taxes are based on the municipal assessment. With an assessed value of $357,000, you can calculate an approximate annual tax amount using the City of Winnipeg’s current mill rate.
5. How does the lack of a garage and unfinished basement impact livability and value?
The absence of a garage means all vehicle parking is outdoors, and storage will be at a premium. The unfinished basement represents both a cost to complete and an opportunity to create additional living space tailored to a new owner’s needs.