Article published April 12. 2008 11:19AM

http://www.theroyalgazette.com

 

Condos: A Popular Choice On The First Rung Of Home Ownership Ladder

 

Moneywise with Martha Myron
 

Condominiums are a popular choice. Bermuda is a small community with finite resources. Open space is premium priced; those fortunate enough to still have it, hope to be able to preserve it.

Housing is expensive -- the cost of a single family detached home is almost beyond the reach of the middle class. Some families have pooled financial resources to purchase or renovate properties. In a way, they have created family condominiums without the physical and legal constraints of a formal entity called a condominium association.

While we love our relatives, warts and all, in some cases these combined family property purchases may just not work from a legal and emotional perspective.

Condo choices galore. For many families, then, the first rung up the ladder of home-ownership is purchasing a condominium. In Bermuda today, there are many competitive selections; some large structures with 65 or more units, others as small as a dual-connected dwelling.

Condominiums can be tastefully designed to fit compactly into spaces that a single-family unit cannot while still preserving the collectively owned remaining land as permanent open space for all residents.

Home is where the heart is. There are many factors you should be aware of before you buy your condominium home ... <more>

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Martha Harris Myron CPA -NH1929, CFP® -67184 (US licenses) TEP# 203510 - Society of Trust and Estate Practitioners. She is a Senior Wealth Manager at Argus Financial Limited with international experience, specializing in investment advisory services and comprehensive financial solutions for individual private clients and their families, business owners, endowments and trusts. DirectLine: 294 5709 Confidential e-mail can be directed to mmyron@argusfinancial.bm The article expresses the opinion of the author alone. Under no circumstances is the content of this article to be taken as specific individual investment advice, nor as a recommendation to buy/ sell any investment product. The Editor of the Royal Gazette has final right of approval over headlines, content, and length/brevity of article.