Town houses are another option when you want to buy a home. They tend to be larger than a condo or co-op but likely still have a homeowners association. Make sure you understand the terms of the sale as a home buyer.

Another home buying option is purchasing a co-op. Buying a co-op is actually buying shares into a corporation that owns the building. Co-op boards control who can buy a home in their buildings.

As a new home buyer you have lots of choices as to what type of home to purchase. A condominium, or an apartment that you own, is usually located in an urban center or densely populated suburb. A condo is one choice to consider when you are buying a new home.