Property Summary: 251 Lake Village Road, Winnipeg
Key Characteristics & Appeal
This 900 sqft bungalow, built in 1977 on a 2,999 sqft lot, presents a compelling value proposition within the established Waverley Heights neighborhood. Its primary appeal lies in its relative affordability and efficient footprint. With an assessed value of $300K, it sits notably below both neighborhood and city averages, offering a more accessible entry point into a desirable area. The home is newer than most on its specific street, suggesting potentially fewer immediate updates compared to direct neighbors.
The property suits first-time buyers, downsizers, or value-focused investors seeking a lower-maintenance home in a mature community. Its smaller scale translates to manageable utility costs and upkeep. A thoughtful perspective is that its "below average" size and lot, relative to the broader area, are precisely what create its financial accessibility, allowing buyers to invest in location rather than excess space. It’s a home for those who prioritize community and practicality over square footage.
Frequently Asked Questions
1. Is the below-average living area a significant drawback?
Not necessarily. While smaller than many homes in Waverley Heights, the living area is actually close to the average for Lake Village Road itself. It represents a efficient, manageable layout ideal for individuals, couples, or small families.
2. Why is the assessed value so much lower than the neighborhood average?
The assessed value reflects the home's more compact size and smaller lot relative to the larger, often more substantial homes that define the wider neighborhood's average. This discrepancy is what creates its value position.
3. What does the "newer than street average" year built mean for me?
Being built in 1977, while newer than many on its block, still means the home is nearly 50 years old. Buyers should expect period-appropriate features and should prioritize a thorough inspection of major systems like roof, wiring, and plumbing, which may be due for updates or replacement.
4. How might the smaller lot size impact my living experience?
The lot is under 3,000 sqft, which means lower maintenance for gardening and yard work—a plus for many. However, it also means less private outdoor space and potentially closer proximity to neighbors compared to other properties in the area.
5. Are the property taxes likely to be lower?
Typically, yes. Since property taxes are based on the assessed value, a value significantly below the area average should result in correspondingly lower tax bills, which is an important ongoing cost consideration.