Condos consists of multi-unit dwellings where each unit is individually owned and the common areas, such as hallways and recreational facilities, are jointly owned (usually as "tenants in common") by all the unit owners in the building. In a townhouse, the owner owns the whole unit, the exterior surfaces such as deck or yard and the land on which it is built.
In a condo, the owner does not own the piece of land on which the condo is build in, the owner owns from the four walls in (think of a box). In a townhouse, the owner owns the piece of land, its interiors and its exteriors. Detached condos may have rules similar to townhomes.
Condominiums usually turn out to be cheaper than townhouses. In general, the same square footage will cost less in a condo setting than it will in a single family home or townhouse, mainly due to the cost of land. When you buy a townhome, you also pay for the land where only one structure is built, thus increasing the cost. In a condo, the owner does not own the land and in that same space, many more condos can be built making them cheaper.
While the exteriors of a condo or a townhouse are maintained by the home owners association, it is up to the owner to maintain the interiors. This may also depend on the agreement of the homeowners' association. Generally, a townhouse owner has more authority is changing the interiors of the land and other structural changes as the land is also owned by them while the power of a condo owner is limited.
Differences in Townnhomes and Condos are quite different when it involves taking title to the land which the building is sitting on as well as who actually owns what part of the building. In a townhome situation, there are many cases where the building includes a complete fee-simple interest in the land itself and the entire building, in and outside. However, in "Condo" ownership, all land is likely owned by the development or homeowners association. There are also differences in the exterior ownership and how the exterior maintanence of the building is maintained. In short, in a condo situation, you almost always only own from the sheetrock, in and your monthly association fees cover exterior repairs, lawn care, maintenance etc. Where as in a townhome, you could have complete ownership in your entire unit and land it is situated upon.
I would suggest befoire making an offer to purchase, you look into how and what you're taking ownership in. And would further suggest you work with a good Realtor in your area whom you have trust. If an agent isn't involved, please consult an attorney before making any decision to buy either so you will have a complete understanding of what it is you're attempting to purchase. Have a great day - Steve
If you cannot afford a single family home at this time, but still want to own your dwelling keep saving until you can.
In short, yes - in most markets.