re: Thoughts on Townhomes?

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I always wondered where "condo" falls in the mix. What makes something a condo, but not an apartment or townhome?

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Apartments are all completely owned by the apartment complex and leased out.

Townhouses and condo units are individually owned.

For condos, only the unit itself is individually owned. Everything else (land and all common areas and exterior of building is owned by condo association). For condos, the HOA is responsible for maintenance on building exteriors, common areas, and landscaping. You'll always have mandatory condo association fees that cover those costs and cover HOA's insurance for exteriors and common areas.

On townhouses, you own the exterior of your unit and the land its on. So you're responsible for your own upkeep of those things, not the HOA. You still may or may not have an HOA fee depending on the neighborhood.