If you are planning to finance a condominium purchase, there are often tighter restrictions on condos than detached homes. For an investment property (condo or other), lenders typically require a 15 to 25% down payment and some lenders require the condo purchaser to live in the unit for up to one year before renting it out. Is it worth owning a home? Yes, one of the most common topics brought up is owning a home forces you to save money by building up equity in your mortgage. In this sense, owning a home is good for the undisciplined individual who would not save and invest extra income save by renting. If you are thinking of buying or renting a townhouse or condominium, there are some important differences between the two that you should know about. A townhouse is defined as conjoined units that are owned by individual tenants. They are architecturally similar to row houses in that owners usually share at least one or more walls.