Property Overview: 874 Magnus Avenue, Winnipeg

Section 1: Key Characteristics & Appeal

This one-and-a-half storey home in Burrows Central presents a compelling mix of vintage charm and modern updates. Its key characteristic is a renovated basement, adding valuable finished living space to the 1,132 sqft footprint. The home sits on a standard city lot (3,585 sqft) and includes a detached garage.

The appeal lies in its above-average living space for the immediate area and a recent, solid sale price that aligns well with the neighbourhood. While the 1904 build date means it requires a buyer comfortable with the character and potential upkeep of an older home, its renovated basement suggests important systems have been addressed. The assessed value is strong for the street and area, indicating good relative value.

This property would suit a first-time homebuyer or practical investor looking for an entry into the market with immediate livability. It’s also a fit for those who appreciate the established neighbourhood feel of Burrows Central and prefer a home with character over a newer build, without taking on a full renovation project. A thoughtful perspective is that its above-average stats for the area might offer a sense of "more house" within a specific budget, while the older age invites a closer look at long-term maintenance planning versus purely cosmetic updates.

Section 2: Frequently Asked Questions

1. What does the "renovated basement" likely include?
While specifics aren't listed, a renovated basement in a home of this age typically means it has been finished into a livable space, with considerations for moisture control, insulation, and legal egress. It’s essential to verify the quality, permits, and the nature of the renovation (e.g., recreational room, additional bedroom).

2. How does the 1904 year built affect insurance and utilities?
Older homes can sometimes face higher insurance premiums due to electrical, plumbing, or heating systems that may not be fully modernized. Prospective buyers should budget for potentially higher heating costs and seek a thorough inspection to identify any antiquated components.

3. The assessed value is $230k but it sold for $200k in 2022. Why the difference?
Municipal assessed value for taxation purposes and market sale price are different. The 2022 sale price reflects the market value at that time. The current assessed value being higher suggests the city believes the property's taxable worth has increased, which is common, but it does not dictate the current listing or sale price.

4. What are the implications of a "detached" garage?
A detached garage offers flexibility (e.g., workshop space) and can reduce noise from vehicles. However, it means navigating the elements to access your vehicle, which is a consideration in Winnipeg winters. It may also present future potential for a lane-way suite, subject to zoning.

5. The living area is above average for the area, but the lot is average. What does this mean?
This typically indicates the home makes efficient use of its lot, potentially with a larger footprint or developed second floor. It’s a plus for indoor living space but means the outdoor yard space is standard for the neighbourhood, not oversized.