What are the different types ownership and how are they different?
There are three types of ownership:

Fee Simple Home: A home is a free standing dwelling that is owned entirely by you without any shared interest from anyone such as your neighbors. These homes may include town home style buildings where there is a “zero” lot line.
Condominium: A condominium is a form of home ownership in which each dwelling unit is separately owned but there are common areas within the development such as hallways, parking lots, roads and/or shared recreational amenities that are owned jointly by all owners together. In some cases, the shell of the building is owned commonly, including the roof and exterior walls. The unit owner simply owns the interior of the unit. Condominiums frequently levy monthly “common charges” to each owner to help pay for the maintenance of the commonly owned areas. Condominiums administer their properties through boards and/or associations with members being elected from all owners. Rules and regulations governing the condominiums are established by these boards.
Cooperative (Co-op): A cooperative is a form of home ownership in which the occupants own shares in the entire property and possess the right to occupy their unit and sell it whenever they choose.

What is a homeowners association?
A homeowners association is an organization established to govern a private community. Typically, it owns and manages some common property for owners of private houses or condominium units. Once a home or lot is purchased the owner automatically becomes a member of the homeowners association. The primary purpose of the association is to protect and preserve the value of the privately and commonly used property. In addition, the association may have the responsibility to repair and maintain portions of the community, such as roads, roofs and recreational facilities

The web site for the New York State Attorney General’s Office provides detailed information on how to deal with homeowners associations.

What types of housing structures are there?

Single family detached: A free-standing residential building. Most single-family homes are built on lots larger than the structure itself.
Multi-family residential: Multi-family is a classification of housing where multiple separate housing units are contained within one building. The most common form is an apartment building. Tenure in these units may be as renters or as a condominium or cooperative ownership.
Townhouse units: Townhouse units are designed to mimic detached or semi-detached homes. The distinction between dwellings called just “apartments” or “condos” is that these townhouses usually consist of multiple floors although ones with more than 3 floors, including a basement, are uncommon. A townhome is usually purchased as a single unit that is attached to the other unit(s) which are owned by other homeowners. In condominium townhouses, the purchaser owns only the interior, while the building itself is owned by a condominium corporation. The corporation is jointly owned by all the owners, and charges them fees for general maintenance and major repairs. Freehold townhouses are exclusively owned, without any condominium aspects, but share common walls with their neighbors. “Stacked townhouses” have multiple units vertically (typically two), normally each with its own private entrance from the street.
Duplex house: A duplex house is a semi-detached two-unit apartment building or condominium, usually indistinguishable from a normal house on the exterior. The building consists of pairs of houses built side by side as units sharing a party wall and usually in such a way that each house’s layout is a mirror image of its twin. Duplex can also refer to three and four unit buildings, sometimes called, respectively, triplex and fourplex. The line between an apartment building and a duplex is therefore somewhat blurred, with apartment buildings tending to be bigger, while duplexes are usually the size of a normal house. However, is some areas, it is possible for units of a duplex (or triplex or fourplex) to be owned by different owners.

What is an offering plan?
It is very important that you read and understand what is included in your offering plan. The text of the offering plan governs the sponsor’s obligation regarding the size and construction of the units and recreational facilities. Salespersons frequently make exaggerated statements about the recreational facilities or residential amenities in the unit which, if they are not promised in the offering plan, are not required to be delivered and probably will not be.

Anyone who purchases a home that is part of a condominium or homeowners association should receive and review a copy of the offering plan for units included in the plan. Buyers should carefully read the “Description of Property” section in the offering plan to determine the sponsor’s obligations. Buyers should not rely on advertising brochures, verbal statements from sales staff or glossy photos and architect’s renderings.

The New York State Attorney General's Office offers additional information on home ownership.

How much home can I afford?
There are many factors to consider such as:

your income
the amount of your savings
your credt rating
other debts you may have, such as credit card debt or car loans.

In our Homebuyer Counseling section, there are several not-for-profit housing organizations that can help you.

The web site for the U. S. Department of Housing and Urban Development has an informative section on home purchase and ownership. This site will link you to a simple and easy to use calculator that can assess how much you can afford for a home purchase.