Property Overview
This 1959-built, one-storey home on a generous 3,957 sqft lot in Munroe East presents a practical and value-oriented opportunity. Its key appeal lies in its balance of established neighbourhood character and recent updates, most notably a renovated basement that adds functional living space. With a living area of 1,062 sqft and a detached garage, it offers the essentials for comfortable living. The lot size is a significant asset, ranking in the top 5% on its street, providing ample outdoor space uncommon for the area.
The property suits first-time buyers seeking a solid starter home with immediate livability, or investors looking for a manageable rental property in a stable neighbourhood. Its assessed value sits comfortably in the middle range for the area, suggesting a fair market entry point. A thoughtful perspective is that while the home itself is average in size for Winnipeg, the large lot offers future potential for expansion or landscaping projects that smaller, newer lots cannot accommodate. It’s a home that prioritizes land value and foundational upgrades over modern square footage or finishes.
Frequently Asked Questions
1. How does the renovated basement add value?
A finished basement effectively increases the usable living space without increasing property taxes proportionally, as assessed value is not solely based on finished square footage. It provides flexible space for recreation, guests, or a home office.
2. Is the detached garage a pro or a con?
This depends on preference. It provides secure storage and parking without taking up house footprint, but requires going outside in winter. For some, this separation is a benefit; for others, an attached garage is a priority.
3. The home is older—what should I budget for?
While the basement is renovated, a home from 1959 will likely have older major systems (roof, plumbing, electrical). A thorough inspection is crucial, and budgeting for routine maintenance and eventual updates is wise.
4. How does the lot size compare meaningfully?
The lot is in the top 5% on its street, meaning it’s larger than most direct neighbours. This offers more privacy, yard space, and potential than is typical, which is a lasting advantage even if the house itself is updated over time.
5. What does the "middle-of-the-road" assessed value indicate?
It suggests the property is not over-improved for the neighbourhood, reducing the risk of overpaying relative to the area. It represents a typical value for Munroe East, which can be appealing for buyers seeking affordability without moving to a less central location.