Property Overview: 118 Lake Village Road, Waverley Heights
Key Characteristics & Buyer Appeal
This 1977-built home in Waverley Heights presents a clear value-oriented proposition within its market. Its primary appeal lies in its accessible price point, which is notably below both neighborhood and city averages for comparable properties. With an assessed value of $297k, it stands well below the local area average of $398k, offering a financially manageable entry into the neighborhood.
The home is modest in scale, with 800 sqft of living space on a 3,551 sqft lot. This places it below average in size for the street, neighborhood, and city. This characteristic defines its ideal buyer: a first-time homebuyer, an investor, or a downsizer seeking a lower-maintenance property without the premium price tag of larger homes in the area. Its age is actually a relative strength on its specific street, ranking as newer than many immediate neighbors.
A thoughtful perspective is that this property represents efficiency over expanse. The below-average costs for taxes and upkeep, coupled with its manageable lot size, translate to a lower carrying cost burden. It suits someone whose priority is securing a home in a established neighborhood like Waverley Heights, while accepting that the investment is in the land and location more than in the size or luxury of the current structure. It’s a practical choice for building equity.
Frequently Asked Questions
1. Is this a "fixer-upper" or a move-in ready home?
The listing details do not specify the interior condition. Given its below-average assessed value and smaller size, prospective buyers should be prepared to evaluate the state of major systems (roof, furnace, etc.) common to a home from the 1970s and budget for potential updates.
2. Why is the assessed value so much lower than the neighborhood average?
The assessed value reflects the property's specific attributes—namely, its smaller living area and lot size compared to area averages. It is assessed in line with similar, smaller-scale homes on the same street, not with the larger, potentially renovated homes that pull the neighborhood average up.
3. What are the advantages of a smaller lot?
A 3,551 sqft lot requires less time and money for maintenance like lawn care and landscaping than the larger lots common in the area. This can be a significant benefit for those seeking a lower-maintenance lifestyle or who prefer to spend less on upkeep.
4. How does the age of the home affect things?
Built in 1977, the home is of an era where certain materials (like aluminum wiring) or design standards were common. A thorough home inspection is crucial. On a positive note, the data shows it is actually a newer-built home on its specific street.
5. Who would this property NOT suit well?
It would likely not suit a growing family needing significant living space or bedrooms, or a buyer seeking a large yard for recreation or gardening. Those looking for a home at or above the neighborhood's average size and value should consider other listings.