A townhome is a multi-story unit that shares one or two side walls with adjacent properties but typically features its own private front and back entrance. Ownership Variants: Fee Simple: You own the structure and the land it sits on.

You own only the interior ("walls-in"), while the land and common areas are shared with other owners.

Buying a townhome is a strategic middle ground between the low-maintenance lifestyle of a condo and the space and privacy of a single-family home. Because they share at least one wall with a neighbor and are often multi-story, townhomes are typically more affordable and efficient to heat and cool than detached houses.

Most townhomes are part of a Homeowners Association (HOA) or strata that manages shared amenities like pools, landscaping, and exterior maintenance (e.g., roof repairs). Pros and Cons of Buying a Townhome