Condos: Walls, floors, and ceilings owned by all residents; HOA dues; covenants, conditions, and restrictions; value depends on the desirability of the 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 the 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 are often lower than for single-family homes; maintenance minimal or nonexistent; safety in a “cluster” environment.
Disadvantages: HOA dues; CCRs may be complex.
- Please contact me for more information on this or any other Real Estate needs.
- The ME Team