Property Overview
This 1925-built home at 31 Fermor Avenue in Varennes presents a distinct value proposition centered on its generous lot and a below-average tax assessment. With 826 sqft of living space, the house itself is more compact than most in Winnipeg, but it sits on a significantly larger-than-average lot for its immediate neighborhood. Its key appeal lies in the balance between a lower ongoing property tax burden and the potential offered by the sizable 5,173 sqft land parcel. This property would suit a practical first-time buyer or an investor looking for a lower entry point into the market, who values outdoor space over interior square footage and is prepared for the realities of maintaining a century-old home. It’s a property where the land is the standout feature, offering room for gardens, expansion, or future redevelopment relative to nearby houses.
Frequently Asked Questions
1. Why is the tax assessment value notably lower than area averages?
The assessed value for property taxes is significantly below averages for the street, neighborhood, and city. This is likely due to the home's smaller living area and its age, which can result in lower annual property taxes—a key ongoing cost savings for the owner.
2. What are the implications of the home's age (1925)?
Built in 1925, the home is older than most in the area. This can mean charming character but also necessitates a thorough inspection for foundational integrity, plumbing, electrical systems (like knob-and-tube wiring), and insulation. Renovation potential is high, but updates should be budgeted for.
3. The living space is below average. How does the layout function?
At 826 sqft, the interior is compact. Buyers should consider if the layout efficiently meets their needs. The appeal here is offset by the large lot, which effectively extends the usable living space outdoors for much of the year.
4. The lot size is a standout feature. What does this mean practically?
The 5,173 sqft lot is larger than over 79% of lots in the Varennes community. This provides exceptional outdoor space for privacy, recreation, gardening, or future additions like a garage, deck, or even an extension, subject to local zoning.
5. How does this property compare to others on Fermor Avenue?
On its own street, the home ranks below average in size, value, and age, but it offers a larger-than-standard lot. This indicates it may be a more modest dwelling on a premium-sized parcel compared to its neighbors, representing a different kind of value focused on land.