When most of us talk about a house, we're referring to a free-standing, single-family residence. The main defining characteristic of a house, besides its free-standing nature, is the breadth of ownership responsibility taken on by the buyer. The owner of a house owns the building itself, as well as the land, and is responsible for all upkeep associated with those areas, including lawn and landscape maintenance, painting, repairs and real estate taxes. Many new developments of single-family homes establish a homeowners' association to hopefully protect the rights of all in the community.

Sometimes, houses may be grouped together in a definite community that has shared spaces, such as a pool or playground. These home owners pay a fee to a home owners' association, which maintains the shared spaces and may provide such services as lawn care, landscaping, and security. The home owners' association sets rules and regulations for the community, some even pertaining to the aesthetic appearance of the houses.

A duplex is a free-standing structure (house) divided into two, connected, single-family units. Many have single-car carports and/or garages.

Like townhouses, condominiums are attached to one another. If you own a condo, you do not own the land surrounding your living space. A condo owner owns only the unit itself, which is taxed as an individual entity, and sometimes a percentage of the common areas of the community. Condo communities may provide such shared facilities as a pool, gym, tennis courts and clubhouse, all maintained by the condo association, which takes care of all day-to-day management tasks. This is one of the key advantages of condo living -- all of the joy of using the amenities, none of the hassles of maintaining them. Condominium owners pay a monthly fee to the condo association, which also sets the rules for the community.

Like townhouses, condominiums are attached to one another. If you own a condo, you do not own the land surrounding your living space. A condo owner owns only the unit itself, which is taxed as an individual entity, and sometimes a percentage of the common areas of the community. Condo communities may provide such shared facilities as a pool, gym, tennis courts and clubhouse, all maintained by the condo association, which takes care of all day-to-day management tasks. This is one of the key advantages of condo living -- all of the joy of using the amenities, none of the hassles of maintaining them. Condominium owners pay a monthly fee to the condo association, which also sets the rules for the community.