A detached home, new or used, will typically provide you with a yard, garage and the like. This is a fairly standard set-up in California. Choosing from new or used depends on several factors. New homes generally cost a little more to purchase, are less negotiable on purchase price, but are less expensive to maintain and are more energy efficient. Used homes generally cost a little less to purchase and you have more room to negotiate on purchase price. In addition, typically you won’t have to landscape a yard. On the other hand, upkeep is generally more expensive. You may have to tackle dying appliances, cracks in the plaster, a new roof and other issues that face a house of a certain age.

A condominium, new or used, generally faces the same issues as a new or used detached home. The difference with a condominium is that you own only the interior air space and fixtures in your living space, plus a certain percentage of common areas and property.

As a condominium owner, you generally pay association dues to take care of maintenance, replacement of common area amenities, and occasional repairs like a new roof or paint. Association dues cover many of the individual expenses a detached homeowner pays, including insurance and general upkeep. If you are thinking about buying a condominium, closely examine the “Covenants, Conditions, and Restrictions” (CC&R’s) for the rules that govern the complex.

Also, closely examine the condominium association’s finances for large assessments or dues that increase more than standard inflation on a year to year basis.

A fixer-upper can be a great way to get into a larger house in a better neighborhood for a lower price. There is one catch: you have to fix the house up, which is not for everyone. If you are considering buying a fixer-upper, get a qualified contractor to help you review properties. Does a house need minor cosmetic remodeling like painting, yard maintenance and new carpet? Or does the fixer need a new electrical system and plumbing and have dry rot in the flooring?

These are important questions to ask and even more importantly, you need to figure out what they’llcost – and don’t forget what your time is worth! Does the fixer you’re considering cost $180,000 in a neighborhood of $220,000 homes? That’s good if the house only needs $20,000 or $30,000 in repairs, but if the
house needs $50,000 or $60,000 (or more) in repairs, then you may want to reconsider the purchase or offer a lower price.

Source: http://www.dre.ca.gov/pdf_docs/PropQuestwkbk_homeowners.pdf