7 Tamworth Bay

Property Overview: 7 Tamworth Bay, Fort Richmond, Winnipeg

Section 1: Key Characteristics & Appeal

This is a compact, one-storey home in the established Fort Richmond neighbourhood. Built in 1965, it stands out on its street as one of the oldest homes, suggesting potential for original character or a need for updates. With just over 1,000 square feet of living space, it is notably smaller than most homes in the immediate area and across Winnipeg, positioning it as a more affordable entry point. The lot size is also modest for the neighbourhood. A key feature is the renovated basement, adding functional space. There is no garage or pool.

Its primary appeal lies in value and location. The assessed value is consistently around average or below, both historically and in recent sales, indicating a lower property tax burden and an accessible price point for the area. It suits first-time buyers, downsizers, or investors seeking a lower-maintenance footprint in a mature community. A thoughtful perspective is that its smaller size and lot could mean lower utility and upkeep costs, while its age and position as an "original" home on the street could appeal to those wanting to customize a property without removing someone else’s extensive renovations.

Section 2: Frequently Asked Questions

1. Is the smaller living area a significant drawback?
While below average in size, the renovated basement effectively expands the usable living space. This layout can be efficient for individuals, couples, or small families who prioritize location and value over square footage.

2. How does the assessed value impact property taxes?
With an assessed value that is below average for Fort Richmond, the municipal property taxes are likely to be proportionally lower than for larger, higher-valued homes in the same neighbourhood.

3. What does the home’s age mean for a buyer?
Being one of the oldest homes on the street (built in 1965) has two sides. It may retain charming original features, but a thorough inspection is advised to understand the condition of major aging components like the roof, plumbing, and electrical systems.

4. Is there potential for future expansion or adding a garage?
The lot size is below average for the area, which may limit options for large additions or building a detached garage. Any expansion plans should be carefully checked against local zoning bylaws and setback requirements.

5. The sales history shows price increases. What does this indicate?
The sold price has risen from the $27.5k-$30.5k range in 2017 to $41.5k-$44.5k in 2023. This reflects broader market trends and the value added by the basement renovation. It demonstrates steady appreciation for the property type in this location.