Property Overview
This one-storey home on a standard-sized lot in Central River Heights presents a specific and practical opportunity. Its key appeal lies in its renovated basement and detached garage, offering functional space beyond its modest 927 sqft main-floor living area. Built in 1951, the home sits on a desirable street where its land value is a strong point, ranking above average locally. The most recent sale price was around average for the area, suggesting a stable, established value.
This property would suit a pragmatic buyer, such as a first-time homeowner comfortable with a cozy main floor, or an investor looking for a character home in a prime neighbourhood with rental potential (especially with a finished basement). It’s less suited for those seeking a large, modern footprint without renovation work.
Frequently Asked Questions
1. Is the house too small?
At 927 sqft, the main living area is notably smaller than most homes on the street and in the neighbourhood. However, the renovated basement significantly expands the usable space, making it more functional than the square footage alone suggests.
2. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the details. A buyer should inquire about the scope of work, the quality of finishes, and whether it includes legal secondary suite potential, which would be a major value-add.
3. How does the assessed value relate to the sale price?
The home’s assessed value is notably lower than the recent sale price, which is common. Assessments for tax purposes often lag behind market values, especially in sought-after neighbourhoods like Central River Heights where land value drives a significant portion of the price.
4. Is the detached garage a major benefit?
In a mature neighbourhood where many homes have older attached garages or only street parking, a detached garage is a valuable asset. It provides secure parking and additional storage or workshop space, a premium for many buyers.
5. Why consider an older, smaller home on this street?
The appeal is location and lot. You are purchasing a position in a prime, central neighbourhood. The standard-sized lot offers future potential (like an addition or garden space) that isn't available in newer subdivisions, and the home itself represents a manageable project or a lower-cost entry point into the area.