No matter what kind of community you live in there are perks and restriction. In common interest communities, these perks and restrictions have a lot to do with the differences in the type of community it is and what you really own. Many buyers don’t give a second thought to the difference between a condo and a townhouse. But these distinctions can make a difference especially when it comes to rules, fees, and amenities.
With single-family homes each home is freestanding and the owner owns the lot that the home sits on. If there is common property like a shared road, park, or clubhouse this community will have a HOA to collect funds and oversee the maintenance of the common area.
A PUD is typically a community with significant common area. Each owner owns a home with a lot that can vary in size from just the footprint of the home, to an entire lot and yard. As the name suggests a PUD is a planned community designed to provide access to a variety of amenities. Home types can vary from single-family to multi-family such as twin and town homes.
When you think of a condominium you often think of the high-rise towers, but many condos look just like a multi-family PUD. The primary difference is that in a condo, you own the area within the walls of his home. The land and structure is owned by the association as a whole with each member owning a percentage of that property.
On the surface the co-op looks similar to the condominium, but when you buy into a co-op, you become a shareholder in a corporation that owns the property. As a shareholder, you are entitled to the exclusive use of your home but you don’t own actual real property.
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