Types of home Ownership : What's the Difference?

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Real Estate

Types of Home Ownership What's the Difference?

Condos

Condos: Walls, floors, and ceilings owned by all residents; HOA dues; covenants, conditions, and restrictions; value depends on the desirability of entire development There are two types of condo buildings and they have different building codes and standards. One type is the purpose built condo  and the other is an apartment complex that has converted into condos.  

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.