When you purchase a condominium you usually own everything on the inside of the unit but the outside including the roof, siding and common areas, as well of the land the building sits on is owned by the Association. There is however another option called a PUD condominium or townhouse ownership. PUD stands for planned unit development and it refers to the type of interests in land, not to physical styles of dwellings. This usually applies to townhomes or townhouses not a condominium. When homebuyers purchase a unit in a PUD they will have unique ownership rights as well as the common properties are common areas of the development. Not all townhouses are PUD developments. Some can be attached or detached units but the PUD development typically means that the homeowners on the land as well as part of the building. Most of these type of townhome units the owners will own some land but in a condominium they would not.
A townhouse owns the land on which it sits; a condominium on the inside of the unit and the PUD property owns the land front and back of the unit. Typically, all types of multifamily homes such as a townhouse, lost, condominium or PUD unit will have a homeowners association. These will be fees that are required from the homeowner either monthly, quarterly or annually to support and maintain common area amenities and management fees. These fees can range anywhere from less than $100 a month to several thousand dollars a year depending on the price of the unit and the amenities involved.
Most the time if you look at a townhouse that includes a backyard or small front yard it will be a PUD unit. You are responsible for maintenance and taking care of that particular plot of land. In a condominium you usually will not have any land nor be responsible for taking care of it.
For more information on finding a condo, purchasing or selling a condominium contact CondoSales.com for expert care.
Thank you to Don Payne with Vision Realty for his guest post on PUDs this week. Don is an expert in Gahanna OH real estate and loves helping buyers and sellers come together over the right home.
Image by Eliza Harris Flickr