Property Overview: 196 Winston Road, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1943, situated on a generously sized lot of just under 5,000 square feet in the Bruce Park neighbourhood. Its primary appeal lies in the value of the land itself and the potential it represents. While the living space is modest at 826 sq ft, the property features a renovated basement and a detached garage. The lot size is notably large for its immediate street, ranking in the top 3% among nearby homes, which suggests room for expansion, gardening, or outdoor living relative to the area.
This home would suit a specific type of buyer: those looking for an entry point into a established neighbourhood, willing to live in a smaller footprint while holding a valuable land asset. It’s a practical choice for a first-time buyer, an investor, or someone with a vision for future renovation or expansion who values lot size over current interior space. A less obvious perspective is that its below-average living area and assessed value, compared to the city, could mean lower ongoing property taxes, adding to its affordability. The renovated basement also offers a crucial flexibility that the main floor's size may not.
Frequently Asked Questions
1. Is the price driven mainly by the house or the land?
Given the modest living area and the lot's ranking in the top 3% for size on its street, the value is significantly tied to the land. This is often the case with older, smaller homes in established neighbourhoods.
2. What does having a "renovated basement" really add?
It adds functional living space, which is key in a smaller home. This could serve as a family room, home office, or additional bedroom, effectively increasing the usable square footage beyond the main floor's 826 sq ft.
3. The home is older. What should I be most concerned about?
While the basement has been renovated, a home from 1943 will have aging core components. A thorough inspection should focus on the foundation, roof, plumbing, and electrical systems to understand what updates, beyond cosmetic ones, may be needed.
4. How does the detached garage impact the property's use?
It provides valuable storage or workshop space separate from the house. On a large lot, its position also offers flexibility; depending on local bylaws, it could potentially be repurposed or its location factored into future landscaping or addition plans.
5. The assessed value seems low. Does that indicate a problem?
Not necessarily. Municipal assessed value for tax purposes often lags behind market value and is based on mass appraisal formulas. A lower assessment can be an advantage, resulting in a lower annual property tax bill than a similarly priced but newer home might have.