The word on the street is that Winnipeg is the place to be, especially as the population grows and the demand for housing soars nationwide. Homes in the “Heart of Canada” tend to be far more affordable than in other cities. Every dollar goes further, meaning you can enjoy your life to the fullest, providing meaningful experiences for your family, all while putting money aside to secure your financial future. In this post, we’ll dive deeper into the ins and outs of buying an older home in Winnipeg.

“Old” Is Relative

The term “older home” may make your heart sink as you imagine a drafty, dilapidated building where the foundation is crumbling and the roof and basement leak. However, the infrastructure in Winnipeg is strong, and the houses here are built to last. And what makes an older home, anyway? 

Many residences in established neighbourhoods were built in the 1990s and beyond. So that “older home” might only be 30 to 40 years old! 

You will find some century homes in the city, many of which have been meticulously maintained and upgraded to the latest and greatest in modern technology. If you do your due diligence, buying an older home can get you an impressive array of features and upgrades without the higher price tag that often comes with new construction.

Want to know more about how we help buyers land that perfect home? Read about our process right here.

The Many Advantages of Buying an Older Home

Picture this: It’s moving day! How exciting is it to turn the key into your house for the very first time? But as elated as you are, moving can be tiring. So you decide to take a break and enjoy a cold beverage in your new backyard. The previous owners had green thumbs, and the yard is bursting with plants and flowers. It’s so peaceful and scenic that you could just sit and gaze at this outdoor oasis all day. And it’s all yours, without effort, all because you and your real estate agent took the time to find the perfect option for you.

Now imagine a different scenario: You just moved into your brand new house that no one has ever lived in before. The sight of pristine, gleaming appliances fills you with pride. But then you step outside only to be greeted by a barren yard with no trees, maybe even with no grass. What happened? No one has lived there yet, and the trees, shrubs, and flowers might feel lightyears away. 

Don’t get us wrong, buying a new house has its perks too. A freshly constructed condo or townhouse may boast the latest in gadgetry. Still, it likely doesn’t have the architectural character or charm of a home that has been loved and lived in. There’s just something about established homes and neighbourhoods that newer dwellings can’t compete with. 

What are some of the top communities where you can begin your house hunt? Find out in our neighbourhood guides right here. 

The Affordability Factor

Older homes don’t just have more character. Often, they are far more affordable, making them an excellent way for first-time buyers to get a foot onto the property ladder. Getting in at a lower price now helps build equity and financial stability. Plus, your purchasing power will grow over time, allowing you to upgrade your home if you choose to. Those are benefits you will never enjoy when renting!

Should you buy an older house to tear it down or perform extensive renovations? For many people, this is almost like having a custom-built home without the long wait associated with pre-construction. However, check with local by-laws and regulations to ensure your vision is viable and legal.

What to Watch Out For When Buying an Older Home

If you love the look and feel of an older home, there aren’t any drawbacks so much as things to be mindful of. Everything can deteriorate over time, so you always want to ensure the house you’re considering has been well-maintained and is free of any significant defects.

• Peeling paint, outdated fixtures, and grungy faucets are one thing. Minor flaws like these are easy and relatively inexpensive to fix. 
• What you don’t want is a crumbling foundation and a never-ending parade of urgent repairs that you didn’t sign up for.

The good news is that most headaches typically associated with buying an older home can be avoided by working with an experienced local real estate team who will help you craft offers with contingencies to protect you. However, in highly competitive markets, placing conditions can put you at a disadvantage with other buyers. In that case, a pre-listing inspection can help ensure the home you’ve got your eye on is everything it seems. 

Moving to Winnipeg? You’ll find something for everyone, and we are sure you are going to love it here! Find out why in the posts below:

• 5 Reasons To Move To Winnipeg Right Now
• Our Top 6 Luxury Neighbourhoods In Winnipeg
• A Guide To Winnipeg’s Entertainment District

Tips for Finding and Securing Your Home in Winnipeg

If buying an older house is your goal, your first step is to create a plan of action to uncover the perfect listing for your needs. It’s time to assemble your team of experts, starting with a knowledgeable real estate agent who is excited and able to help you navigate Winnipeg’s fast-paced market. The tips below will help you get started. 

• Start by researching the various neighbourhoods in the city so you can settle down in a community close to your desired amenities. 
• Keep a cool head. Buying a house is an emotional experience, but performing due diligence can ensure it is also a positive one.
• Will your home need renovations? Be sure to factor those costs into your budget before placing offers. 
• Get pre-approved for a mortgage before visiting homes to ensure access to sufficient financing. 
• Connect with other professionals to help make your transaction successful, such as a mortgage broker, real estate lawyer, and tradespeople. If you don’t have this network, your real estate agent can help you.

Welcome to Winnipeg!

If you decide to make Winnipeg your next home, let us first extend you a warm welcome! Soon, you’ll be a proud homeowner in a city full of friendly communities and caring neighbours. A strong economy and outstanding job market await you, as does a vibrant arts and entertainment scene! 

Do you want to know more about the incredible real estate opportunities and community you’ll find in Winnipeg? We are happy to point you in the right direction! Reach out to us at info@goodfellowrealty.com or call 204-224-2551 to start a conversation today.