Are you living in a condo or a townhouse? Some don’t realize the small difference between the two, and use the words interchangeably. The difference between a townhouse and a condo is in the form of ownership. In a condominium, the homeowners own the inside of their home—but the exterior, the land and the common areas are owned by an association. A condo can look like an apartment, but it can also look like an attached one-story villa or a multi-level townhouse. In some areas, townhome-style condos are popular, because they offer the owners the feel of living in a townhouse without the responsibility of the exterior maintenance.