Home Types Defined

• Single-family detached
Higher sales price per square foot
It's all yours
No shared walls = more privacy, less noise
You make exterior style decisions (within reason)
You're responsible for repairs and maintenance
Best bet for appreciation over time (consistent demand)

• Condominium
Lower sales price per square foot
You own "from the walls in"
Shared walls = more noise, less privacy
Homeowners' association makes exterior style decisions
Homeowners' association is responsible for repairs and maintenance (you just pay for them)
May appreciate, may not (based on demand)

• Co-op
High sales price, period
You own shares in the corporation that owns the building
Shared walls = more noise, less privacy
Board of directors makes exterior style decisions
Board of directors is responsible for repairs and maintenance (you still pay for them)
Appreciation likely (strong demand), but can be difficult to sell


Related links: Choosing Your Home Type; Buying Old Homes vs. New Construction