Property Overview

This home at 10 Victory Place presents a distinct profile defined by its generous lot size and more compact living space. Its appeal lies in offering a substantial outdoor area—a relative rarity—within a well-established Varennes neighborhood, all at a municipal tax assessment significantly below the Winnipeg city average. The property suits practical buyers who prioritize land over square footage, such as first-time homeowners comfortable with a cozy interior, downsizers seeking lower taxes and manageable upkeep, or investors attracted by the value of the lot itself for future potential.

Key Characteristics & Buyer Profile

• Land vs. Living Space: The standout feature is the 5,936 sqft lot, which ranks in the top 12% within the Varennes community and top 7% on its own street. This contrasts with the 744 sqft living area, which is below average for the area. The trade-off is clear: expansive outdoor space comes with a more modestly sized home.
• Value & Taxes: With an assessed value of $276,000, the property sits below average for Winnipeg ($390k), suggesting a potentially lower property tax burden. This is a key financial consideration for budget-conscious buyers.
• Character & Considerations: Built in 1944, it is typical for its street but older than the average Winnipeg home. Buyers should appreciate the character of an older build and be prepared for the maintenance that may entail, while also recognizing the opportunity to customize the interior to modern tastes over time.
• Ideal Buyer: This property is not for those seeking a large, move-in-ready modern home. It is ideally suited for:
  • Value-Oriented First-Time Buyers who see the large yard as a long-term asset and are willing to grow into or later renovate the space.
  • Downsizers from larger homes who want a manageable footprint without sacrificing garden or outdoor room.
  • Strategic Investors who recognize the underlying value in the land ratio for future development or renovation (subject to zoning).

Frequently Asked Questions

1. Is the below-average living area a major drawback?
It depends on lifestyle. The home offers efficient, cozy living but requires creative use of space. The significant lot size provides ample room for additions like a deck, shed, or garden, effectively extending your usable area outdoors.

2. What does the below-average tax assessment mean for me?
It generally indicates a lower municipal property tax bill compared to homes of similar size in Winnipeg with higher assessments. This is a tangible ongoing saving. However, it does not directly dictate the final sale price, which is determined by the market.

3. As a home from 1944, what should I be concerned about?
Proactive inspections are crucial. Focus on the age and condition of major systems like plumbing, electrical, roofing, and the foundation. Older homes can be solidly built but may need updates to meet modern efficiency and safety standards.

4. The lot is large for the area. What are the advantages and responsibilities?
The large lot is a premium feature offering privacy, space for recreation, gardening, or future projects like a workshop. The responsibility involves more yard maintenance (mowing, landscaping) and potentially higher associated costs for that upkeep.

5. How does this property’s value proposition compare to newer homes?
You are paying primarily for location and land rather than modern interior square footage. It offers entry into a mature neighborhood at a lower tax cost, with the trade-off being an older home that may require updates. It’s a play on long-term land value and personalization versus immediate modern convenience.