Dear Heather: I am a first-time buyer. I would love to buy a house, but I have looked online and only condos seem to be more at my price point. What are the pros and cons? -First Time Buyer

Dear First Time Buyer: How is the condo market? This is a question that we get asked often. The answer is it’s improving. Based on closed sales transactions in the first half of 2014, 23% of the total sales have been condos. This has grown from 18% in 2012 and 17% in 2013.

We have had renewed interest over the past 18 months in City Living with 17% of the units that sold located in the city and a few more just on the outskirts. Some of the properties have sold to PRCs and Non Bermudians, but the vast majority have sold to Bermudians for either occupation or investment.

* 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 retirement homes or empty nest homes. They are low maintenance as the majority of issues are taken care of by the property manager and typically they are extremely secure. Condos also have an instant sense of community with owners and neighbours becoming friends, and being on the lookout for each other’s well-being.

* 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 2 — 6 units, which can look and feel very much like a free-standing house.

* Some condos have been built within very recent years, and so require very little work and upkeep.

* If you are working long hours or hold a position that requires frequent travel 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.

* Currently, 42% of our inventory is made up of condos, with 61% of these available to PRCs and 22% available to international purchasers. This total inventory has declined since the high of the market where the average percentage of available industry attributable to condos was approximately 60%.

We have some amazing inventory at the moment, with definite opportunities for first time buyers. Meet with your Agent to discuss your likes, dislikes, wants and needs, there is bound to be something out there you’ll fall in love with.

Happy House Hunting!

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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 answered confidentially.