Types of Home Ownership
Basically, there are four types of "ownership".
Renting: You lease out apartment from someone who owns property. You have no ownership. You do have the right to use the premises however. Maintenance is done by the landlord. Low risk.
Condo: You own an interest in a complex. For example, take a condo complex that has 8 condos. You would own 1/8 of the complex. The inside of the unit from sheetrock to sheetrock is yours to keep, to have and to hold. The stairwell, parking lot, pools, tennis courts, green space, trees and other joint areas are shared by all condo owners. Basically, no single condo owner could claim these areas exclusively. Its called an undivided interest, meaning that if you tried to pick out all of a single owner's interest it would be impossible to do so. There is a home owner association which manages the property where you pay them a monthly fee to manage water and other expenses. Generally they keep up lawn and exterior of property and joint areas.
Town home: This gives you a little more ownership., but may require you to have more responsibility like mowing the yard, replacing your portion of the roof, and exterior maintenance. Basically, you own the unit, the exterior of the unit possibly, and the ground underneath your unit only.
Detached Single Family (House): This is where you own the land and the house completely. You take care of everything and you have all the responsibility. The good thing about houses are they are the easiest to finance and they give you the most options to customize to your liking. You don't have to depend on someone else to take care of your property, and you can add on to the house and make other improvements.
For parents buying for their college-attending children, I'd actually lean towards purchasing a condo or town home, because they are more turn-key and less maintenance. Then your children can focus more on studies than on maintaining a home, plus they can be more secure at times.
