Purchasing a condo may be the best way to get into the local property market, according to Coldwell Banker Bermuda sales representative Joy Jones.

Ms Jones was speaking at the 2006 Coldwell Banker Home Show held last weekend in Hamilton.

During her presentation, ?Benefits of Buying A Condo?, she said the average price of a single family home (approximately 1,100 square feet) consisting of two bedrooms and two bathrooms with a basic design comes with a $975,000 price tag.

She said the same two bedroom, two bathroom condominium with comparable square footage will costs on average $750,000.

?As the prices of single family houses and houses with income apartments are steadily increasing due to the demand and supply, many people get so discouraged with not being able to find or afford a single family home, they feel they will never be a homeowner,? Ms Jones said.

?Developers have recognised that there is a problem with the supply of properties due to limited available lots. They are now concentrating on developing condominiums so that it allows more people the opportunity to purchase a piece of the rock.?

She said many people have said they will wait for this single family home to come on the market in their price range.

Some have been waiting for more than two years and still have not found their dream home.

Ms Jones explained that when a single family home comes on the market so many people have been pre-approved for this price level that many offers are made on the property and in most cases the property will sell for over the asking price.

?Others say that they will wait for the prices to come down, but unfortunately that is not going to happen. Prices may stabilise for a while but the fact that there is limited supply and so many people want to own a single family home that these properties will always be in great demand.?

Ms Jones said among the major benefits of getting into the real estate market is to establish your credit line with a lending Institution.

?The first time you apply for a mortgage from the lending Institution is the most difficult. Once you have established a mortgage credit line, if you decide to purchase again the process is much easier.?

?In the event a condominium is within your reach it is advisable that you start with the purchase of a condo and then work your way up to the purchase of a single family home. Prices for property are not coming down, therefore you can buy a condo, hold it for a few years and build equity in the property.?

Ms Jones said the condo investment potential is quite high as many people looking to rent do not want to have the responsibility of caring for a cottage.

People also like the idea that a condo is more secure, especially when they are not on the Island and they also like to have that feel of community living.

She said freestanding homes always require maintenance, especially an older home. Older homes in more cases require extensive maintenance care together with electrical and plumbing.

?The homes require the roofs and also structure to be painted and repaired for leaks. Of course these repairs can be extremely costly. The maintenance of the landscaping, road ways and sidewalks are also inclusive of the maintenance fees which you pay either on a monthly or quarterly basis.?

Ms Jones said the older condo developments can be dated and may not have the modern fixtures, such as state of the art appliances, bathroom fixtures such as separate shower stalls, pedestal sinks, electrical wiring for DSL hook-up, PVC windows and doors, etc.

But she said they often have more amenities such as common property, tennis courts, and swimming pools.

?The newer condos will provide more closet space and storage and often affords the purchaser the choice of floorings in the bedrooms and living room/dining room areas. It?s a matter of personal preference and what is important to you in a new home.?