Condo, PUD, Co-op: What's the Difference?

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Real Estate
  • Condo, PUD, Co-op: What's the Difference?
  • Condos: Walls, floors, and ceilings owned by all residents; HOA dues; covenants, conditions, and restrictions; value depends on the desirability of entire development.
  • Planned Unit Development (PUD): Individuals own structure and some land.
  • Co-op: Corporation made up of all tenants; larger units have more power in how building is run; fees for taxes, mortgage, repair, improvement; heavy scrutiny of financial, personal history.
  • Townhome: Not a form of ownership, but a term for an attached row house.
  • Advantages of each: Prices often lower than for single-family home; maintenance minimal or nonexistent; safety in “cluster” environment.
  • Disadvantages: HOA dues; CCRs may be complex.