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Types of Homeownership

It always helps to know the type of home you want and the features that are most important to you.

Single family

This is the most popular type of home ownership. You are totally responsible for paying the mortgage, property taxes, and any other carrying expenses, including all maintenance costs.

Condominium

As a condo owner, you own your living quarters in the same way that a single-family homeowner does. You also own a share of the common space, such as gardens, parking areas, and community facilities (e.g., pool, golf course, recreation hall, tennis court). You pay a monthly maintenance fee for the common expenses. The owners’ association, which you belong to, makes decisions about how the condo is run.

Co-operative

As the owner of a co-op, you buy a share or a number of shares in the corporation that owns and manages the building your apartment is in and the land it is on. If you took out a mortgage for the apartment, you are responsible for paying it off. You also pay a monthlymaintenance fee for your part of co-op expenses, repairs, and taxes. You must be approved by the co-op board before you can purchase.

Multi-family

This type of home has separate living quarters for two or more families to rent. The owner may be able to use rent from the other tenants to cover his or her own housing costs. These homes are often restricted to certain areas by zoning laws.