Property Overview & Appeal
This one-storey home at 402 Ottawa Avenue is a compact, character property built in 1924. Its key characteristic is a modest 641 sqft living area on a roughly 2,750 sqft lot, placing it among the smaller homes in the Chalmers neighbourhood and city-wide. A recently renovated basement adds functional space. The home’s appeal lies in its simplicity and efficiency. It suits first-time buyers or investors seeking an entry point into the market with manageable upkeep, or those looking for a straightforward, no-frills home where value is derived from land and location rather than square footage. A thoughtful perspective is its potential as a “right-sized” home for empty-nesters seeking to downsize without leaving the community, or as a strategic hold in an area where the land value may be the primary long-term asset.
Frequently Asked Questions
1. Is the lot size a disadvantage?
While below the city average, the lot is typical for older, central neighbourhoods like Chalmers. It offers a manageable outdoor space without excessive maintenance burdens.
2. What does the "renovated basement" include?
The listing confirms the basement is renovated but does not specify the scope. This is a key detail to clarify with the seller or agent, as it could range from basic finishing to adding legal living space.
3. How does the assessed value relate to the sale price?
The home last sold in January 2022 for $24,100, which was close to its assessed value at the time. This suggests the property is valued consistently with municipal assessments, not subject to the dramatic market fluctuations seen with higher-priced homes.
4. Who might this property not suit?
It would likely not suit buyers needing multiple bedrooms, dedicated home office space, or who simply prefer newer builds with modern open-concept layouts, as the living area is compact and the home is a century old.
5. Are the utility costs likely to be high for a home this age?
While older homes can be less energy-efficient, the small size of this property (641 sqft) may help keep heating and cooling costs relatively contained compared to larger heritage homes, though this should be verified.