This section will help you with figuring out what type of home will be best for you and your spouse. You may have heard various terms being thrown about, such as: free-standing house, Colonial, Victorian, Tudor, condominium, co-op, townhouse, etc. The definitions and descriptions below will explain different kinds of living situations and what you will expect from them.
Free-Standing House- This is what everyone thinks of when they think about buying a home. You own the outside, the inside, the yard, the trees, the grass, everything that falls within your property line, all the way to the center of the earth to the infinite outer space above (to an extent). You can do anything you wish to the property as long as it does not disrupt zoning regulations with the township. Colonials, Victorians, Tudors, Craftsmans, and Cape Cods are all different styles of homes. They are all very distinct in style, so discovering which one appeals to your taste is completely up to you. Owning a free-standing home takes much responsibility and maintenance. Someone who enjoys a real 'hands-on' approach to home ownership will love this lifestyle. The average homeowner spends between $8,000 - $10,000 per year maintaining this type of home (depending on size, that cost could be a bit more or a bit less).
Condominium- This 1-floor style of living has become extremely popular over the years for those who enjoy the 'hustle and bustle' way of life. Maintenance on this type of home is very easy, because the owner does not have to deal with maintaining the exterior of the home. The exterior is owned by a condo association, and the owner is only responsible for what happens inside the home. Usually a monthly condo fee is paid to help maintain the exterior, such as landscaping and any improvements that need to be made to the infrastructure of the condo building. Occasionally, some utilities, such as heat, will be included in the condo fee. Condos may also have certain amenities such as a gym, a pool, and in some cases a convenience store, on the property. This appeals to many buyers because it helps save money and it adds to a 'resort' type of living as well.
Townhouse- A townhouse is a lot like a condo, however the only major difference is that it's a condo that feels like a house. A condo has 1-floor of living space, whereas a townhouse has multiple levels of living. This type of ownership is the exact same as a condo.
Cooperative (or co-op)- A condo and a co-op are similar in many ways, however, there are a few MAJOR differences. When you buy into a co-op, you don't own any of the building's actual real estate. Instead, you own shares (or a membership) in the cooperative housing corporation. The real estate is owned by the cooperative housing association, or the company that owns the co-op complex. Like a condo, you pay a monthly fee that includes what would be your condo fee, but it also includes your property taxes and sometimes utilities. A co-op can be restrictive at times because you don't own the actual unit flat out. So, in some cases you may have to get the co-op boards approval if you wish to have renovations done to your co-op unit. A plus to this type of ownership is that the co-op board must approve any and everyone who is interested in living there. Often times there are salary requirements in order to purchase, and this makes certain that the upkeep of the property can be maintained. Co-ops may also require a heftier down payment than a condo or free-standing house. Upwards of 20-30% depending on the rules of the board of directors. Because all the expenses are jointly shared in a co-op, everyone shares the same liability. In the rare instance that an owner falls behind in their monthly co-op payments, it will be up to the other owners to cover the costs.