How is buying a condo or townhome different from buying a house?

Buying a condo or townhome adds an HOA review to the process that a single-family house purchase does not require, including checking the association's budget, reserve funds and any restrictions on renting or renovating. Financing can also differ, since some lenders require an HOA to meet certain approval standards before lending on a unit inside it. Joel Boss reviews those HOA documents with buyers before a condo or townhome offer goes in, not after.