Buying a home in Peterborough isn’t just about finding the right number of bedrooms or falling in love with a backyard. It’s one of the biggest financial decisions you’ll ever make, and choosing the wrong property can cost you far more than you planned for.
As a local Peterborough realtor, my job goes far beyond unlocking doors and setting up showings. A huge part of what I do is help buyers make informed decisions—spotting the hidden costs, resale risks, and neighborhood factors you might not notice on your own. The wrong home can quietly drain your bank account, and I’m here to make sure you don’t fall into that trap.
Here are the 5 types of homes I always tell my clients to be careful with when house-hunting in Peterborough and the Kawarthas.
1. The “Fully Remodeled” Flip
You know the type—brand new flooring, trendy light fixtures, a fresh coat of paint, and “move-in ready” marketing. On the surface, it looks like a dream.
The problem: Cosmetic upgrades can sometimes cover up serious issues. Work may have been done without permits or with cheaper materials that don’t hold up. Once you move in, you could be facing $15,000–$25,000 in unexpected plumbing, electrical, or structural repairs.
2. The “Historic Charm” Fixer
Peterborough has no shortage of beautiful older homes—think original hardwood floors, high ceilings, and crown molding. It’s easy to get swept up in the character and charm.
The problem: Many of these homes come with outdated wiring, plumbing, insulation, or even asbestos. Updating these systems can be extremely costly, often running $30,000 or more.
3. The “Bargain” with Foundation Issues
If you’ve ever seen a house listed well below market value, there’s usually a reason. Foundation cracks, poor drainage, or water in the basement are common culprits.
The problem: Foundation repairs and waterproofing aren’t just expensive—they can also scare away future buyers. Waterproofing, new weeping tile, or structural fixes can easily cost $15,000–$30,000. Even if you’re willing to take it on, many buyers won’t touch a home with a history of water issues when you go to resell.
4. The Garage or Basement “Conversion”
Extra living space is always appealing, especially if you’re looking for room for a growing family or home office. A converted garage or finished basement can look like a huge value-add.
The problem: If the work wasn’t done with permits or to building code standards, it won’t add value on an appraisal. Worse, you might be forced to bring it up to code yourself—a cost that could run $10,000–$15,000.
5. The “Great Location” with Hidden Neighbors
A quiet street, mature trees, and curb appeal can make you fall in love at first sight. But what’s behind, beside, or across from that property?
The problem: Backing onto a busy commercial space, an industrial site, or even a planned subdivision can have a huge impact on resale value and your day-to-day enjoyment. And once you move in, there’s nothing you can do to change what gets built around you.
Why Working With a Local Realtor Matters
This is why you don’t just need a realtor who can open doors—you need a local expert who knows the red flags to watch for, the right questions to ask, and how to negotiate protections into your deal.
In Peterborough’s market, small details can make a big difference. My goal is to make sure you’re buying a home you’ll love living in—not a money pit you’ll regret.
Frequently Asked Questions About Buying a Home in Peterborough
1. Is it safe to buy a flipped house in Peterborough?
It depends. Some flips are done professionally with permits and quality materials, while others hide problems behind cosmetic updates. Always request a detailed home inspection and ask for documentation on any renovations before making an offer.
2. How much does it cost to repair a foundation in Peterborough?
Foundation repairs vary widely depending on the issue. Minor crack injections may cost a few thousand dollars, while full waterproofing, new weeping tile, or structural reinforcement can run $15,000–$50,000 or more.
3. Are historic homes in Peterborough a good investment?
Historic homes can be beautiful and full of character, but they often come with higher maintenance costs. Outdated electrical, plumbing, and insulation upgrades can be expensive. A thorough inspection and realistic budget are key before purchasing.
4. What should I look out for with basement or garage conversions?
Check if the work was done with permits and to building code. Unpermitted work may not count toward the appraised value of the home and could leave you responsible for costly updates.
5. How can I avoid buying a “money pit”?
Work with a local realtor who knows the common red flags in Peterborough homes. Combine that expertise with a professional home inspection and research on neighborhood trends before making an offer.
Free Resource: Home Buyer Red Flags Checklist
Want to make sure you don’t miss these warning signs when you’re house-hunting?
Download my free Home Buyer Red Flags Checklist here
This quick guide will help you spot potential issues before they become expensive mistakes.