182 Lake Village Road

Property Summary: 182 Lake Village Road, Waverley Heights, Winnipeg

Key Characteristics & Appeal

This 1977 bungalow at 182 Lake Village Road presents a compelling value proposition within the established Waverley Heights neighborhood. Its key appeal lies in a specific balance: it offers a generous, above-average lot size for its immediate street (4,758 sqft) paired with a modest, efficiently sized 800 sqft living area. This creates a home with a lower assessed value ($296k) compared to area averages, situated on a desirable piece of land.

The property is ideally suited for first-time buyers, downsizers, or investors seeking an entry point into a well-regarded neighborhood without the premium price tag of a larger home. Its efficient footprint suggests lower utility and maintenance costs. A thoughtful perspective is that while the living space is compact, the lot offers valuable outdoor potential—room for gardens, recreation, or future expansion—which is a rarity for homes at this price point in the area. It’s a property where the land is a significant part of the asset.

Frequently Asked Questions

1. Is the living area too small?
At 800 sqft, the home is notably cozier than many in Waverley Heights. It requires efficient use of space and suits simpler lifestyles. However, this smaller size is directly reflected in its more accessible price and ongoing cost savings.

2. Why is the assessed value lower than the neighborhood average?
The assessed value correlates strongly with the home's smaller living area and its specific location on Lake Village Road, where average values are already below the wider neighborhood benchmark. You are effectively paying less for the structure but securing land in a premium area.

3. What does the "above average" year built ranking mean for this street?
Ranking in the top 12% for year built on Lake Village Road simply means this home is one of the newer houses on a street with many older homes. It was built in the same year as the street's average (1977), so it is a standard build for its time, not a recent renovation.

4. How does the lot size compare practically?
The lot is larger than most on its street, offering more private outdoor space than immediate neighbors. While it's smaller than the broad neighborhood average, it remains a substantial urban lot, providing a key advantage over typical newer subdivisions.

5. Who would this property not suit?
It would not suit buyers who prioritize spacious interior square footage above all else, require multiple dedicated rooms, or who do not wish to potentially renovate or expand in the future to gain more living space.