Business Matters Many options, concerns when buying first home

By Patrick Duffy

I am tired of paying rent and want to buy a property. Can you give me some advice?

– R.S., NYC

This is a commonly asked question to which there are a variety of answers. Answers vary because people vary. What is important to one person is not important to the next, and so on.

In the U.S. there are basically three types of residential property one can buy: a co-op, a condominium, a house. Each has advantages and disadvantages.