704 Fairmont Road

Property Overview

This one-storey home on Fairmont Road presents a unique blend of space, privacy, and established charm. Its primary appeal lies in its exceptionally large, 16,309 sqft lot within the Eric Coy neighbourhood, offering a rare level of outdoor space for the area. The property features a finished basement, an in-ground pool, and an attached garage. Built in 1970, the 1,243 sqft home sits on a quiet street but ranks highly city-wide for lot size and assessed value, indicating a solid and desirable property foundation.

It particularly suits buyers prioritizing private outdoor living over a large interior footprint. Families or entertainers who value a sprawling yard for recreation, gardening, or future expansion will find its potential compelling. It’s also a fit for those seeking a move-in-ready home with recreational amenities like a pool, without the need for a major renovation. A thoughtful perspective is that this property offers a "land bank" opportunity in a mature neighbourhood, where the value is significantly anchored in the land itself—a long-term asset in a city where such large lots are increasingly scarce.

Frequently Asked Questions

1. How does the age of the home affect its condition and costs?
Built in 1970, major systems like the roof, plumbing, or electrical may be original or nearing the end of their service life. While the home is livable, a prudent buyer should budget for updates and consider a thorough inspection to anticipate future maintenance investments.

2. What are the annual costs associated with the pool?
Beyond initial seasonal opening/closing, factor in ongoing costs for chemicals, increased water and electricity usage for pumping/filtration, insurance implications, and periodic maintenance or resurfacing. These are significant recurring expenses.

3. Why is the assessed value notably higher than the city average?
The assessment reflects the property's overall market value, which is heavily influenced by its very large lot size. In established neighbourhoods, land value often constitutes a larger portion of the total property value than the building itself.

4. Who is responsible for maintaining the extensive yard and trees?
The homeowner is fully responsible for the upkeep of the entire 16,309 sqft lot. This includes lawn care, landscaping, and any mature trees, which can be a considerable commitment of time or expense for professional services.

5. Is the finished basement a legal secondary suite?
The listing notes a finished basement but does not specify it as a legal suite. It is crucial to verify with the city if any portion is permitted as a separate rental unit, as an unauthorized suite can affect insurance and compliance.