What is the difference between a single family home, condo and P.U.D.?

Q. What is the difference between a P.U.D., a Condominium and a Single Family Property?

A. Simply put, the difference is in the ownership of the land under the house itself.  With a single family house, you own the house and land in total.

A Condominium is defined as “common ownership.”  The entire property is actually owned by the Condominium Association – not individuals – and is regulated by the Condominium Documents.  It is extremely important that you read and understand the Condo Docs before you purchase the property, as they state all the rules of the Association and will dictate your lifestyle to a degree.

As a unit owner, you will own the inside of the unit only (this is sometimes called “stud-to-stud” ownership), and are a voting member of the Association.  With a Condo, the Association is usually responsible for exterior unit and land maintenance.

A Planned Urban Development (P.U.D.) is sort of a combination of the above two.  A homeowner does own the land under their unit, and –as a rule – is responsible for the maintenance of their land and exterior.

However, a P.U.D. will have common land and sometimes amenities that will need to be insured and maintained.  You will find covenants and a minimal fee associated with ownership in a P.U.D.

Published in: on May 11, 2010 at 8:22 am  Leave a Comment  

Buying an Older Home? Don’t forget the importance of a home inspection.

Published in: on May 3, 2010 at 3:27 pm  Leave a Comment