Property Overview & Appeal
This 1.5-storey home in Archwood, built in 1948, sits on a notably spacious lot of over 4,100 sqft. Its key characteristics include a renovated basement and a living area of 888 sqft. The home’s appeal lies in its established neighbourhood setting and the value derived from its larger-than-average lot, which offers potential for outdoor space or future expansion. It ranks highly for lot size and relative newness compared to many Winnipeg homes. Recent sale history shows significant value growth between 2020 and 2021.
This property would suit a first-time buyer or downsizer looking for a manageable footprint with a renovated basement for extra living space. It’s also a practical option for a value-focused buyer who prioritizes land size over a large interior, seeing the lot as a long-term asset. The lack of a garage suggests it may appeal to those comfortable with street parking or considering adding a structure later.
Frequently Asked Questions
1. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the finishes or layout. A viewing or inquiry with the listing agent is necessary to determine if it’s a finished living space, a modernized utility area, or includes legal secondary suite potential.
2. How does the lack of a garage impact daily life and value?
The property has no garage, so parking is limited to the driveway or street. This is a common feature in older neighbourhoods and is reflected in the price. Buyers should consider their vehicle storage needs and winter climate preparedness.
3. The assessed value is $28.20k, but it sold for $29.50k in 2021. Why is this?
Municipal assessed value for taxation purposes often lags behind current market value. The 2021 sale price is likely closer to its market value at that time, and the assessment is an administrative figure not intended to represent a sale price.
4. The lot is large, but are there any restrictions on its use?
While the lot size is a standout feature, any plans for additions, decks, or outbuildings would require checking City of Winnipeg zoning bylaws and obtaining the necessary permits to ensure compliance.
5. The home is older. What should I know about potential maintenance?
Built in 1948, major systems like the roof, plumbing, electrical, and foundation should be carefully inspected. The renovated basement is a positive, but it’s wise to understand the scope and quality of those renovations and ensure they addressed any underlying moisture or structural issues common in homes of this era.