Condo, PUD, Co-op: What's the Difference?
Hello Smart Philly,
My city clients often ask me what’s the difference between a condo and co-op. My clients from the burbs what a PUD is. Here’s your answers.
Condos: Walls, floors, and ceilings owned by all residents; HOA dues; covenants, conditions, and restrictions; value depends on the desirability of 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 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 often lower than for single-family home; maintenance minimal or nonexistent; safety in “cluster” environment.
Disadvantages: HOA dues; CCRs may be complex.