t's a choice tens of thousands of prospective homebuyers make each year: the ease and freer lifestyle offered by attached housing like condominiums vs. the American dream of a single-family house.

If you're choosing between a single-family dwelling and a condo or townhouse, there are some comparison points you'll need to know. For example, condos may be cheaper to buy and easier to obtain with seller-backed financing. But condo owners must conform to certain rules, and you may have more difficulty in later years selling the property.

Owning an attached house like a condo or townhouse is, for many people, a lifestyle issue. If you prefer ease of maintenance to privacy, familiarity over space, ancillary facilities like a pool or tennis court over gardening, a condo may be for you. Or you could be a first-time homeowner who's single or newly married. Maybe your kids have left the house and you and your spouse want to live an urban lifestyle again. If you've thought through these factors carefully, attached housing can be a great choice.

However, if you're buying your home for investment purposes, take heed. Studies show that most buyers prefer a single-family residence. Buyers of second homes are no exception. Of those surveyed by the American Resort Development Association, 61.7 percent expressed interest in buying a house, 34.7 percent a condo, and 48.9 percent said they would consider vacant land to build their own home. (The survey allowed respondents to express preferences for more than one type of vacation home.) Still, the townhouse is popular with first-time buyers on a tight budget, retirees seeking to share the cost of leisure facilities and vacation-home buyers who don't want to mow another lawn.

The result is that single-family homes appreciate in value faster than condominiums or other attached housing. Attached houses also tend to be smaller, with footprints commonly of 1,200 square feet or less. If you're in a growing family, that "cozy" two-bedroom condo you bought when you got married could turn into a claustrophobic nightmare with two kids.

With a single-family house you own the building, the property and the out buildings in "fee simple absolute." This is a type of deed created in the Middle Ages, that gives you all the rights over your property as it did a feudal lord.

By contrast, with a condo you own only the interior of your unit and the plot of land under it. All the tenants, as tenants in common, own areas such as exterior walls, halls, roofs, laundry rooms and grounds. You can sell, lease, gift or leave the condo to your heirs, but you must obey the bylaws of the association of common owners.

A master deed authorizes the association to manage the property, defines the ratio of maintenance to be paid by each unit, places restrictions on owners and fixes remedies for violations. Bylaws set forth rules for governing the condo.

When you buy, get copies of the following documents, along with the master deed and bylaws, to fully understand what you really own:

When you compare a condo with a single-family home, you must consider purchase price, maintenance costs and taxes. Condos come with a monthly maintenance charge that includes staff, repairs, landscaping, special facilities, plus your share of the land taxes. A management company collects the maintenance fees. The contract that the condo has with that company is critical to the costs and standards of upkeep. You can roughly compare a house and a condo through the following procedure:

As the respective homes get older, the dynamics change. An older home may need a new roof, but the homeowner's association handles those costs for condominiums or townhouses. But those repairs on older condos could lead to special assessments or increases in the monthly dues. Ask an inspector to assess future costs of older homes.

Some banks won't even offer loans on condos, and those that do appraise the value very differently than they do a house. The criteria are instructive. Here's what lenders look for and so should you:

The condominium management office may act as broker for you on a non-exclusive basis. In large complexes, the selling arm of the developer or association actively solicits buyers through direct mail, advertisements and Internet sites. Smaller developments are in contact with outside brokers who can bring buyers. Often units are purchased by other owners in the same development looking to trade up or own another unit to rent out.

Frankly, it's a good thing there is extra help in selling. The market for condos isn't nearly as large as that for single-family houses. And in a down market, condos tend to sell more slowly.

The main reason for this is price. Ironically, in a down market or in an economic recession, smaller, cheaper units languish because the first-time buyer and second home market dries up. The more affluent large-home market stays steadier.

Some associations even have a "right of first refusal" when you decide to sell. This means that after you've found a buyer, the association has the option to match the prospective buyer's bid. This is allegedly designed to ensure that prices don't fall through the floor, but many states now forbid these provisions because of discrimination issues.

Typically, you can only renovate or redecorate the interior of your space. Because of the communal nature of a condo, bylaws restrict exterior renovation. You may need permission to place anything from a wreath on your door to a satellite dish on the roof.

Similarly, restrictions on pets, bicycles, storage, noise, parking and children all appear in the bylaws. Check before you buy. The decision to renovate a lobby or to place carpeting in a common hallway is always made by the association.

Choosing between a condo or detached home should be based on your lifestyle choices. Understand the market, what the demand is for those types of homes and whether the house meets your needs. If you understand these issues, the choice you'll make will be the right one.