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 all 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 = can be more noisy with less privacy
• Homeowners' association makes exterior style decisions
• Homeowners' association is responsible for repairs and maintenance. You do pay for them, but the cost is shared among the community.
• May appreciate, may not (based on demand and location--more urban locations find higher condo demand)
• Easy to leave for a longer duration for travel or the like.
• Can have features like a fitness center, pool, party center for shared use: things that you might not be able to afford as a single homeowner.

Co-op

• High sales price, period.  I have found lower prices but large monthly fees
• 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