Property Overview & Key Characteristics
This single-storey home at 62 Rice Road in Fort Richmond presents a practical opportunity in a well-established Winnipeg neighbourhood. Its key appeal lies in its balance of space, recent updates, and relative value. The nearly 6,815 sqft lot is notably larger than many in the area, offering ample outdoor space in a city where that can be a premium. The home itself, built in 1977, features a renovated basement and an attached garage. With 1,349 sqft of living area, it sits comfortably in the middle range for the local market, suggesting a manageable size for upkeep.
The property’s data reveals a thoughtful perspective: while the home is older, it ranks newer than most on its street and in Fort Richmond, indicating it’s among the more recent builds in a mature area. Its current assessed value is consistent with similar homes across the city, but the notable increase from its 2018 sale price suggests recognized improvement or market growth. This home would suit first-time buyers looking for a move-in-ready property with a finished basement, or downsizers seeking a single-level layout without sacrificing yard space. It’s a grounded choice for those who value neighbourhood character over new construction, and who see potential in a large lot.
Frequently Asked Questions
Q: How does the lot size compare to typical properties in Winnipeg?
A: The lot is over 6,800 sqft, which places it in the top 20% of all residential properties in Winnipeg for size. This is a significant asset, especially in a built-up neighbourhood.
Q: The home was built in 1977. What should I consider regarding its age?
A: While 49 years old, the data shows it is actually newer than over 80% of the homes on its street and in Fort Richmond. This means major components like roofing, windows, or wiring may have been updated more recently than in neighbouring houses. A thorough inspection is always advised.
Q: What does the "renovated basement" typically imply?
A: While specifics require viewing, in a home of this era and style, a renovated basement often means it has been finished into a livable space such as a family room, office, or additional bedrooms, adding functional square footage to the main floor layout.
Q: The assessed value increased from its 2018 sale price. What does that indicate?
A: The increase from $38.5k to $44.2k in assessed value over five years can reflect market appreciation, significant improvements made to the property, or a combination of both. It’s a positive indicator of maintained or enhanced value.
Q: Is this a good neighbourhood for investment or long-term living?
A: Fort Richmond is a stable, established neighbourhood. The presence of many homes from the 1960s and 70s shows a community of long-term residents, while its proximity to the University of Manitoba can provide consistent rental demand if that is a future consideration.