Property Overview
This is a compact, one-storey home built in 1924, situated on a standard city lot in Winnipeg's Chalmers neighbourhood. Its key feature is a renovated basement, adding valuable functional space to the modest 574 sqft main floor. The home includes a detached garage and last sold in 2021.
Key Characteristics & Appeal
The primary appeal of this property lies in its efficiency and potential. With a renovated basement, it offers more usable space than the main living area alone suggests, making it a practical and affordable entry point into homeownership. The lot size is typical for the immediate street and area, providing adequate outdoor space without the burden of extensive maintenance.
This home would suit a first-time buyer, an investor, or someone looking to downsize into a manageable property. Its below-average assessed value and sale price, relative to both the neighbourhood and the city, indicate a lower financial barrier to entry. A thoughtful perspective is that this type of property often represents a "value-add" opportunity; the renovated basement is a major improvement, and a new owner could continue to modernize the 1924 structure over time. It’s a home for someone comfortable with a compact footprint who sees the potential in a solid, established neighbourhood.
Frequently Asked Questions
1. Is the living area really only 574 square feet?
Yes, the above-ground living area is 574 sqft, which is quite compact. However, the presence of a renovated basement significantly increases the total usable space, which isn't always reflected in the official living area metric.
2. How does the assessed value compare to the likely selling price?
The home is currently assessed at $16,600, but it last sold for $20,500 in 2021. Assessed values for tax purposes are often lower than market value, so the sale price from a few years ago is a more relevant benchmark for today's market.
3. What does the "below average" ranking for living area mean?
The rankings show this home's living area is smaller than most comparable homes on its street, in Chalmers, and across Winnipeg. This confirms it's a compact property, which is a key factor in its accessible pricing.
4. Is a home from 1924 a concern?
The year built (1924) is around average for its immediate area. While it means some systems may be older, it also indicates a character home in an established neighbourhood. The renovated basement is a positive sign of updates, but a thorough inspection is always recommended.
5. Who might this property not suit?
It likely wouldn't suit a buyer needing multiple bedrooms or dedicated large living spaces on one floor, or someone unwilling to take on a home with a structure over 100 years old. It's best for those with modest spatial needs or a vision for gradual updates.