Dear Heather,

I am looking to buy a house, but there seem to be some attractive prices on some of the condominiums. Do you think I should consider a condominium?

Buyer

Dear Buyer,

If you’re buying your first property, or perhaps looking for more of a lock-and-leave lifestyle, or you are a PRC or have recently acquired Bermudian status, a condo can be very appealing.

Condo living is a commitment: close quarters with your neighbours, elevator rides if you’re in a high rise, muddled voices and footsteps from above if you don’t have great insulation. It might all be a worthy trade-off for letting someone else handle the maintenance and being able to go from renter to owner. Want to see if condo living is for you? Read on.

Four reasons to buy a condo:

1. It’s less expensive than a house

One of the main draws of condo living is the affordability. Of course, that’s relative to the area, the square footage of the unit, the desirability, and a number of other factors. However, condos can be a wonderful opportunity to break into the market for first-time buyers, especially bearing in mind that as first-time buyers you could be eligible for alleviation of stamp duty on a purchase of $750,000 or under — which can save you as much as $12,500! Condos also make great homes for retirees and empty nesters. Although a free-standing home and an actual piece of the rock may be your preference, I would encourage you not to rule out a town house or condo.

There are many out there that are actually stand-alone, semi-detached or in small, elite complexes of two to six units, which can look and feel very much like a free-standing house. Many condos have been built within the past decade, and require very little work and upkeep.

If you are working long hours, hold a position that requires frequent travel and are looking for something that you can just lock up and go this can be a huge bonus. Some allow pets, some have amenities such as a pool, some even have an apartment-style room, which would be ideal for an elderly relative, a teenager or a nanny.

2. Lower maintenance responsibilities

For busy, single or elderly homeowners, not having to actually deal with the upkeep and exterior of their home can be a very good thing. You have the benefits of home ownership, without all the responsibilities that go along with owning property.

If you don’t want to have to water the flowers or mow the lawn, paint the roof or look after the pool, condo living can offer a distinct advantage. You generally won’t have outdoor space to worry about unless you purchase a detached condo and, in most cases, the homeowners’ association or the property manager takes care of any exterior and common area maintenance, including any landscaping in the front of your unit. Condo complexes also typically offer a secure environment and have an instant sense of community, with owners and neighbours becoming friends, and being on the lookout for each other’s wellbeing.

3. It’s all yours

Yes, some condos can feel apartment-like but it’ll feel much more like a home once you’ve put your personal spin on it. Your landlord may not have let you change the paint colour or change out fixtures, but in your own place, you’re only limited by your imagination, your homeowners’ association and your budget.

4. For the amenities

You may be looking at city hotel-like condos that offer a fitness centre, pool, roof garden or underground parking. Amenities that are standard in many condos offer buyers the opportunity to enjoy a taste of the resort lifestyle — something they probably wouldn’t find in a single-family home. This can have an impact on monthly maintenance costs, so to be sure to ask the right questions.

There is some amazing inventory on the market at the moment, with definite opportunities in all price ranges. Some condos built around 25 years ago have not yet been upgraded and can be bought at very realistic prices. Plus, you get to do the upgrades to your own specifications. Meet with your agent to discuss your likes, dislikes, wants and needs, I am sure they will find a property that makes your dreams come true.

Heather Chilvers is among Coldwell Banker Bermuda Realty’s leading sales representatives. She has been working in real estate for 25 years. If you have a question for Heather, please contact her at hchilvers@brcl.bm or 332-1793. All questions will be treated in confidence