2. A semi-detached home is a single-family dwelling that shares one or more common walls with another building. 3. A multifamily home is a residential property that consists of 2-4 individual units. Each unit will have its own entrance, kitchen space, bedrooms and bathrooms. 4. Townhomes are multi-floor homes with their own entrance and living space. Townhomes share two walls with neighbors unless the townhome is located at the end of a building. In some markets, the terms “townhome” and “townhouse” are used interchangeably. 5. Condominiums, known colloquially as condos, are buildings made up of individually owned units. They can look and feel like an apartment building or a community. You own the interior space of the unit. The common area is typically managed by a homeowner's association, with fees being assessed to owners for common area expenses. 6. Co-ops may physically resemble an apartment building, but the ownership model is different than any other type of residential real estate. The building is owned by a cooperative corporation. As a co-op owner you are a shareholder of the corporation that owns and manages the building. You are purchasing shares in the corporation that owns the building not an individual unit. As a shareholder you have the right to lease a specific unit for your own use. The cooperative corporation is run by a board of directors, elected by the shareholders, and are responsible for financial oversight, common area maintenance and repairs.
STEP 8: GO HOME SHOPPING
Now comes the exciting—and challenging—part: house hunting. Browse listings, visit open houses, and get a real feel for
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