Property Overview: 505 Garlies Street, Winnipeg
Key Characteristics & Appeal
This is a compact, one-storey home built in 1943, featuring a renovated basement and a detached garage. With 720 sqft of living space, it is notably smaller than most homes in the city, positioning it as a true starter home or a minimalist living option. Its assessed value is modest and in line with the local area, suggesting a lower barrier to entry.
The appeal lies in its practicality and lot size. While the house itself is small, the 3,007 sqft lot is above average for Garlies Street, offering valuable outdoor space and potential. The renovated basement adds functional living area. This property suits first-time buyers seeking an affordable foothold in the market, investors looking for a rental property, or downsizers who prioritize a manageable space with a decent yard over square footage. It represents a value proposition centered on land and location rather than interior size.
Frequently Asked Questions
1. Is the low assessed value a cause for concern?
Not necessarily. The assessed value is very typical for the immediate neighbourhood and street, indicating it is priced appropriately for its market context rather than being an outlier.
2. How does the smaller living area impact daily life?
The 720 sqft layout requires efficient use of space and may not suit those who work from home or have a growing family. However, the renovated basement provides crucial additional flexible space.
3. What are the implications of the larger-than-average lot for the street?
The lot is a key asset. It provides more private outdoor space than neighbouring properties and may offer future potential for expansions like a garden suite, subject to zoning and approvals.
4. The home is older; what should I be mindful of?
Built in 1943, it is actually newer than many homes on the street. Still, a thorough inspection is essential to understand the condition of major systems like wiring, plumbing, and the foundation, as well as the scope and quality of the basement renovation.
5. Who are the most likely neighbours or buyers in this area?
Given the profile of similar nearby properties with comparable assessed values, the area appears to consist of long-established, modest homes. Buyers are likely to be value-conscious and practical, creating a grounded, no-frills community atmosphere.