824 Preston Avenue

Property Overview & Key Characteristics

This 1906 two-and-a-half storey home in Winnipeg's Wolseley neighbourhood presents a compelling blend of historic charm and modern practicality. Its primary appeal lies in its generous proportions and established location. With 2,676 sqft of living space on a large 5,417 sqft lot, it offers significant room to grow, ranking in the top tier for size both on its street and within the wider city. A key modern update is the renovated basement, adding functional living space.

The home’s assessed value is notably lower than many in the area, which may indicate different factors a savvy buyer will want to explore. It would suit a buyer looking for a character home with ample space, who is prepared for the realities of a 120-year-old structure. The appeal is for those who value lot size and interior square footage in a sought-after neighbourhood, possibly seeing potential where others see just age. It's less suited for someone seeking a turn-key new build or who prioritizes a private garage.

Frequently Asked Questions

1. Why is the assessed value relatively low compared to nearby homes?
While the home ranks highly for size, its assessed value is lower than many comparable Wolseley properties. This can be common for older homes where the land value constitutes a large portion of the assessment, or where major systems may require updating. It’s a key point for due diligence.

2. What does the "renovated basement" entail?
The listing confirms the basement is renovated, which is a significant advantage for added living space or storage. Buyers should investigate the scope, quality, and permits of this renovation, and consider moisture control and ceiling height, which are common considerations in century-old homes.

3. How does the lack of a garage affect daily life in Wolseley?
The property has no garage. In a mature neighbourhood like Wolseley, this is common. Buyers should consider on-street parking permits, the availability of rear lane access for a potential future shed or parking pad, and their personal tolerance for street parking year-round.

4. The home is 120 years old. What should I budget for beyond the purchase price?
While the renovated basement is a plus, a home from 1906 will have aging core components. Prudent buyers should budget for potential updates to wiring, plumbing, insulation, and the roof. A thorough inspection is essential to understand the condition behind the historic charm.

5. The lot is large, but what is the potential for expansion or addition?
The 5,417 sqft lot is a major asset. Buyers interested in future expansion, adding a garage, or creating extensive outdoor space should investigate the City of Winnipeg’s zoning bylaws, heritage designations (if any), and setback requirements to understand what is possible.