Should You Buy A Condo in Peterborough Now?

When you look at the state of the real estate market over the last few years, it’s easy to see why first-time home buyers are feeling intimidated, to say the least. Even when the headlines talk about “falling prices,” they still feel out of reach for someone just getting started with little to no equity.

Some aspiring homeowners are determined to buy a property no matter what it takes. For some people, a condo in Peterborough could be the perfect solution. You get affordability and a fantastic lifestyle in a city that is as scenic as it is convenient! In this post, let’s talk about the possibility of buying a Peterborough condo.

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Pros and Cons of Buying a Condo

Is buying a condo worth it? You’ll get different answers depending on who you ask. Though condo life isn’t for everyone, it definitely comes with a long list of advantages. The relatively affordable price point is just the beginning. There’s also a sense of freedom to come and go that you would never have with a detached house.

If you want to pack up and head out on a last-minute trip, there’s no need to have someone check on the place every day. You also don’t have to get up an hour early before work to shovel snow from the driveway in the winter or cut the grass in the spring.

An argument could be made that the view over the city is the most valuable advantage of all. You have the best vantage point around just by walking out onto the balcony or looking out the picture window!

Living in a condo can feel a little like having an apartment in terms of a carefree lifestyle, but with even more perks. Often, you have in-suite laundry, plus the building can come with amenities like a fitness centre, social lounge, or a rooftop patio.

Looking for more tips for first-time home buyers? The posts below are full of great resources:

The Downsides of Condo Life

If you’re on the Internet, you’ve undoubtedly come across a discussion of why buying a condo is a “bad idea.” Often, what is an advantage to one person is a disadvantage to someone else. For example, think about the proximity of the people around you.

In a condo, your neighbour is in the same building. Some people love this, both from a social and safety perspective. Others value their privacy far too much to thrive in condo life.

Also, if you look forward to yard work and cleaning the gutters and shovelling mountains of snow after every blizzard, then condo ownership is definitely not for you. (We are not being entirely sarcastic – some people really do love all of these things!)

The potential downsides to buying a condo are usually financial. The right choice can make getting into the market affordable. However, if you’re not careful, what you save on the initial purchase price can be negated by condo fees and special assessments.

Lastly, keep in mind that condos don’t always appreciate in value as much or as quickly as detached homes. Before committing to a purchase, be sure to request the Status Certificate and actually read the fine print. A local real estate agent can help you spot a good investment opportunity and when you might want to walk away.

Searching for your first home or condo in Peterborough? Browsing our latest listings is a logical first step!

Sooner Is Better Than Later

As you enjoy your carefree lifestyle, there is one more significant benefit of owning a condo, and that is equity. In real estate, you’ll often hear us talking about the property ladder. If you own your primary residence in addition to several rental properties, you are near the top of the ladder. If you’re renting, you’re not even on the first rung.

Buying your first home gets you onto the ladder and opens the door to equity growth in two ways:

As your property grows in value
With each mortgage payment

Historically speaking, property values have always risen given enough time, even though they may fluctuate and decrease over the short term. Volatility in the market and economic uncertainty can take their toll. However, a growing population means more and more people will soon be looking for a place to live. Increased demand pushes housing prices up, especially when supply is limited.

What if prices don’t recover or increase?

Every home buyer fears losing money, especially on a large investment like a house or condo. Let’s put it in perspective.

Even if the unthinkable happens and real estate values do not rise over the years (as they always have), you will still come out ahead every time you make a mortgage payment. Each month takes you one step closer to owning your unit free and clear.

Eventually, your loan will be fully paid, and life’s greatest expense will be off of your shoulders. That is an advantage you will never enjoy as a tenant, and it might be the most compelling reason of all to start shopping for your condo.

Peterborough is a fun place to live in every season. Take a look at some of the exciting activities to enjoy:

The Joys of Living in Downtown Peterborough

If you decide condo life is for you, downtown Peterborough is a great place to begin your search. Nearly everything you could ever want is within easy walking distance. Step outside your building, and you’ll find dozens of restaurants, cafes, shops and convenience stores.

If you drive, you’ll quickly notice one of Peterborough’s most enviable features. There is free parking everywhere, and lots of it. This is sweet relief for anyone used to the traffic and ludicrous parking fees in Toronto.

No matter where you are in downtown Peterborough, you’re also steps away from entertainment, including live music, theatre and art festivals. And you’re minutes away from the beautiful waterfront and beautiful scenic parks.

We weren’t kidding when we talked about affordability and a high quality of life. If you’re looking for a change, Peterborough, Ontario is a great place to set your sights.

Want to know more about the pros and cons of condo ownership? Our Peterborough real estate agents are native to the area and are happy to tell you all about this great city. Reach out to us at team@jeffandkatie.ca or call 705-243-9797 with any questions you may have.