Property Overview & Key Characteristics
This two-storey home, built in 1913, presents a classic character property on a generously sized lot in Winnipeg's William Whyte neighbourhood. Its key appeal lies in its combination of above-average living space for the area and a notably low municipal assessed value, suggesting significant potential for equity growth. The 1,367 sqft house sits on a 3,003 sqft lot, ranking it larger than most comparable homes on the street and in the wider neighbourhood. While it features a basement, it is noted as not being renovated, indicating an opportunity for customization. This property would suit value-focused buyers looking for a character home with room to grow, investors seeking a property with a low tax assessment basis, or those comfortable with a home that may require updates to realize its full potential. A less obvious perspective is that its low assessed value, while attractive for property taxes, may also reflect its current condition, making a thorough inspection essential.
Frequently Asked Questions
1. What does the "not renovated" basement imply?
This typically means the basement retains its original or older state, possibly with unfinished areas, older utilities, or dated finishes. It should be viewed as a blank canvas, but a professional inspection is crucial to check for foundational, moisture, or wiring issues common in homes of this era.
2. Why is the assessed value so much lower than nearby properties?
Municipal assessments are based on mass appraisal techniques and may lag behind market values, especially for unique or non-renovated properties. A very low assessment can be advantageous for annual property taxes but is not a direct indicator of market selling price.
3. Who is the ideal buyer for this home?
It's well-suited for a handy buyer or investor who sees value in the lot size and floor plan and is prepared to manage renovations over time. It may also appeal to those prioritizing lower ongoing property taxes while building sweat equity.
4. What are the considerations with a 113-year-old home?
While offering character, older homes require careful attention to aging infrastructure. Prospective buyers should budget for and investigate the condition of major systems like plumbing, electrical, and the roof, alongside potential insulation updates.
5. How does the lack of a garage affect daily life and value?
For this neighbourhood and era of home, the absence of a garage is common. Buyers should plan for street parking and consider the cost and feasibility of adding a shed or garage later, subject to local bylaws, as an investment in both convenience and future value.