Property Overview
This 1953 one-storey home on Borebank Street in Central River Heights presents a specific and practical opportunity. Its key appeal lies in a renovated basement and a detached garage, situated on a standard-sized lot for the area. The living space, at 944 sqft, is notably compact compared to area averages, indicating a home focused on essentials rather than expansiveness. Its recent sale history shows steady value appreciation in a desirable, established neighbourhood.
This property would suit a first-time buyer seeking an entry point into a prime neighbourhood without a premium price for square footage, or a downsizer looking for manageable indoor space coupled with a good-sized yard. It’s a home for those who value location and lot size over a large interior, and who see potential in a renovated basement to extend the functional living area.
Key Considerations: Frequently Asked Questions
1. How does the home’s size impact its value?
While the living area is below average for the street and neighbourhood, this is reflected in its positioning in the market. The value proposition is the land, location, and updated features like the basement, rather than interior square footage.
2. What does the “renovated basement” entail?
The listing confirms the basement is renovated but does not specify the scope. A key question for buyers would be the nature of the renovation—whether it’s a finished recreational space, added bedrooms, or updated utilities—and whether proper permits were obtained.
3. Is the assessed value a good indicator of the likely sale price?
No. The municipal assessed value ($38.5k) is for taxation purposes only and is not a market valuation. The recent 2023 sale price of $380k is the relevant market indicator.
4. How does the age of the home affect maintenance?
Built in 1953, the home is older than many on its street. While systems like the roof, windows, or plumbing may have been updated, buyers should budget for the maintenance typical of a 70+ year-old structure and consider a thorough inspection.
5. What are the advantages of a detached garage?
A detached garage offers flexibility—it can be used for parking, storage, or as a workshop without concerns about fumes or noise entering the house. However, it may be less convenient during Winnipeg winters compared to an attached garage.