Property Overview & Key Characteristics
This 1973 one-storey home in Valley Gardens sits on a generous, nearly 5,000 sqft lot, which is a standout feature in the area. The home itself is modest in size at 998 sqft but benefits from a renovated basement, adding functional living space. Its appeal lies in this combination of a large, established lot in a mature neighbourhood and the value-added renovation work already completed. The assessed value is notably low compared to many nearby properties, which may present an opportunity.
It would suit first-time buyers or practical downsizers looking for a solid foundation in a quiet neighbourhood, where the land represents a significant portion of the value. It’s also a potential fit for buyers comfortable with a home whose interior square footage is cozy, but who prioritize outdoor space and the potential for future updates or an addition, given the lot size.
Frequently Asked Questions
1. What does the low assessed value indicate?
While a low assessment can suggest a lower property tax burden, it often reflects the home's older age and modest living area relative to its lot. It's essential to compare it to recent sale prices, not just assessments, to understand its market value.
2. The living area ranks highly on the street but low city-wide. What does this mean?
This indicates that while this home is one of the larger bungalows on Menno Bay, it is smaller than the average Winnipeg home. It highlights the consistent, modest scale of houses on this specific street.
3. The basement is noted as renovated. What should I verify?
Always confirm the scope, quality, and permits for the renovation. A renovated basement adds valuable living space, but understanding its finish, ceiling height, and moisture control is crucial.
4. There is no garage. How does this impact use and value?
The lack of a garage is a practical consideration for vehicle storage and workshop space. However, the large lot may offer room to add one, subject to local bylaws—a potential future project for a buyer.
5. The home is 53 years old. What are the key maintenance priorities?
For a home of this age, the roof, windows, plumbing, and electrical systems should be carefully evaluated. While the basement has been updated, the main structure and core systems are original and will require ongoing maintenance and eventual replacement.