Property Summary: 5 Lake Village Road
Section 1: Key Characteristics & Appeal
This 800 sqft bungalow at 5 Lake Village Road presents a specific and compelling value proposition. Its key characteristic is its efficient, manageable size, which is reflected in its assessed value being very close to the street average ($311k vs. $309.5k). While the living area is below average for the street, neighborhood, and city, this translates into a home that is easier and more affordable to maintain, heat, and cool. The lot size is also more compact than others in the desirable Waverley Heights area, offering lower yard maintenance.
The appeal lies in its position as a relatively affordable entry point into a well-established neighborhood. Built in 1977, it is actually newer than many homes on its own street and across Winnipeg. This combination suggests a home that may have seen updates and benefits from modern building standards of its era, without the premium of a brand-new build. It would perfectly suit first-time buyers, downsizers seeking simplicity, or pragmatic investors looking for a solid rental property in a stable area. It’s a home for those who prioritize location and financial efficiency over sheer square footage.
Section 2: Frequently Asked Questions
1. Is the below-average living area a major drawback?
Not necessarily. While smaller, it makes the home inherently more efficient. The cost savings on utilities, taxes, and upkeep can be significant, and a well-designed 800 sqft layout can feel spacious for one or two people.
2. How does the value compare to the neighborhood?
The assessed value is notably below the Waverley Heights average ($398.1k). This indicates you are paying a premium for the location, but acquiring a more modest property within it—a classic "worst house on a great street" scenario with potential for value growth.
3. What does the lot size mean for me?
At 3,280 sqft, the yard is smaller than many in the area. This is a advantage for those who want minimal landscaping chores, but a consideration if you desire extensive outdoor space, a large garden, or future expansion.
4. The home is newer than most on its street. What are the implications?
A 1977 build date in this context is a positive. It likely means systems (like electrical and plumbing) are more modern than older neighbors, potentially reducing immediate renovation needs and offering better energy efficiency for its time.
5. Who is this property not for?
It would not suit a growing family needing multiple bedrooms and ample living space, or buyers whose primary goal is a large, private yard. It’s a home for practical living rather than expansive entertaining.