Property Summary: 195 Lake Village Road, Waverley Heights, Winnipeg
Key Characteristics & Appeal
This 936 sqft bungalow, built in 1978, presents a specific and compelling value proposition. Its primary appeal lies in being a well-maintained, modern-for-its-street home in a desirable neighborhood, offered at an accessible entry point.
Key Characteristics:
- Positioned for Entry & Value: The home’s assessed value ($290k) is notably below averages for both its immediate street (avg. $309.5k) and the wider Waverley Heights neighborhood (avg. $398.1k). This creates a rare opportunity to enter a well-regarded area at a competitive price.
- A Standout on Its Street: While the living area is typical for Lake Village Road, the 1978 build year is the newest on the street, ranking in the top 1%. This suggests potentially fewer major age-related updates compared to neighbors.
- A Cozier Footprint: The home and its lot (2,997 sqft) are compact relative to the broader neighborhood and city. This translates to lower maintenance demands, both indoors and outdoors, and likely lower property taxes.
Ideal Buyer Profile:
This property is an excellent fit for first-time homebuyers, downsizers, or pragmatic investors seeking a manageable property in a stable area. It suits those who prioritize location and a modern build foundation over square footage, and who see the value in a home that is efficient and easier to maintain. It’s a strategic choice for someone looking to gain a foothold in a premium neighborhood without the premium price tag, accepting a smaller scale in exchange for that advantage.
Frequently Asked Questions
1. Is the lower assessed value a red flag?
Not necessarily. It primarily reflects the home’s smaller size relative to area norms. It can be a significant advantage, suggesting a more affordable purchase price and ongoing property tax burden compared to larger homes in the same community.
2. How much of a concern is the smaller lot size?
This depends on lifestyle. The sub-3,000 sqft lot means minimal yard maintenance, which is a plus for those seeking simplicity. However, it allows less room for expansion, large gardens, or extensive outdoor recreation space. It’s a trade-off for low upkeep.
3. What does "newest on the street" actually mean for me?
A 1978 build is not new, but being the most recent construction on the block can imply updated foundational materials (like wiring or plumbing standards for its era) and possibly less immediate worry about major, age-related system failures common in older homes.
4. Will the smaller living area feel cramped?
At 936 sqft, the home is efficient. It will suit individuals, couples, or small families who value cozy, manageable spaces. It’s less suited for those needing multiple dedicated rooms, extensive storage, or large-scale entertaining space at home.
5. Is this a good investment for future resale?
Its strength as an investment lies in its entry-level price for Waverley Heights. The desirable location provides a solid floor. Resale value will hinge on the overall market and how future buyers weigh the benefits of location and lower costs against the smaller home and lot size.