While most condominiums are apartments, a townhouse is attached to one or more houses and can run the gamut from duplexes and triplexes to communities with hundreds of homes. Buyers separately own their homes and the land on which the houses sit. With a condominium, the unit owners jointly own the land and this common interest cannot be separated from the others.

Townhouses can be structured in many ways. Some, particularly huge communities, have common areas - such as swimming pools - that are similar to condominiums.

On the plus side, exterior maintenance and repairs are minimal; there are no neighbors above or below the home like in an apartment; and because the homes are attached, they may offer a greater sense of security.

As for the disadvantages, if there is a homeowner's association, buyers will have to pay a homeowner's fee. There is also less privacy than with a detached single-family home. And there are limits on how you can make exterior changes to the home.