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. Condos will generally have no personal use/ownership of land except in special cases.
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. * South Florida Lenders tend to be unfamiliar with Co-ops and so financing Co-ops can be challenging.
Townhome: Not a form of ownership, but a term for an attached row house. Generally a Townhome will have access to some land for personal use although they also will own a percentage of that development land rights as well. This makes it attractive to those who wish to have access to a backyard/land.
Advantages of each: Prices often lower than for single-family home; maintenance minimal or nonexistent; safety in “cluster” environment.
Disadvantages: HOA dues; Management requirements may be more complex. Pros of HOA/COA is that sometimes various fees are shared ie Exterior maintenance, Lawn, Pool, Whole (Complex) Property insurance. The idea is that sharing of these costs will get better pricing etc. However sometimes the downside is there are more amenities and therefore higher monthly expenses. These may be costs which some love while other owners may deem unnecessary.
There are Pro and Cons for each of these styles of ownership, the one to choose is a reflection of individual taste, pricing etc.
Would be happy to individually review, in depth the features of each.