Property Overview
This one-and-a-half storey home, built in 1946, presents a unique proposition centered on its land. Situated on a large 7,918 sqft lot in Buchanan, the property offers significant space and potential, while the home itself is modest in size at 572 sqft of living area with an unrenovated basement.
Key Characteristics & Appeal
The primary appeal of this property is its substantial lot, which ranks in the top 5% for size on its street. This generous outdoor space is a rare find, especially for a home with a very low assessed value. The appeal lies squarely in opportunity: it is a land play with an existing structure. The home itself is small, dated, and requires updating, making it unsuitable for those seeking a move-in ready or spacious interior.
This property would best suit a specific type of buyer: an investor, builder, or hands-on purchaser looking for a long-term hold or redevelopment project. It’s ideal for someone who values land value over current living conditions and has the vision, capacity, and budget to either extensively renovate the existing footprint or eventually redevelop the site. Its low tax assessment based on current state is a notable financial consideration for such a buyer.
Frequently Asked Questions
1. Why is the assessed value so much lower than the last sale price?
The assessed value is based on the property’s condition and metrics as of a specific date for municipal tax purposes. The 2021 sale price reflects the market value at that time, which likely accounted for the future potential of the large lot, not just the current state of the small home.
2. Is this a teardown property?
Not necessarily. While the large lot offers redevelopment potential, the existing home could be expanded or renovated. A buyer should consult with the city on zoning and bylaw requirements (like heritage designations, if any) to understand all options before making plans.
3. What are the major costs to consider beyond the purchase price?
Prospective buyers should budget for immediate updates to meet basic living standards, potential foundation or structural work common in older homes, and a full modernization of mechanical systems. The unrenovated basement also presents both a cost and an opportunity.
4. How does the small living area impact financing and insurance?
Lenders and insurers may view the small square footage and age of the home as increased risk, which could affect mortgage approval terms and insurance premiums. It’s advisable to have these conversations with providers early in the process.
5. What is the realistic best use for this property?
The best use balances the owner’s goals with practical constraints. For some, it’s a starter home with a huge yard, accepting the need for gradual renovation. For others, it’s a strategic land purchase, holding the property until the right time to build a new, larger home that maximizes the desirable lot size.