A PUD can take the form of a community of townhomes or detached homes. There is a HOA (homeowners association) and a fee assessed to cover certain expenses. Membership in the HOA is mandatory. The HOA fee is often used to cover road maintenance, or maintenance of commonly owned land or buildings.
The difference between a PUD townhome and a condominium townhome is that in a PUD, you actually own the land your townhome sits on, and usually a small back and front yard also. In the case of a condominium townhome, all land is commonly owned and maintained. Some people prefer a PUD because of this feature. You can landscape and enjoy the limited land you own, rather than having no control whatsoever.
HOA fees for PUDs are usually lower than for condominiums because there is less to maintain. A PUD will often not have pools, clubhouses, or tennis courts (although they sometimes do).
There is no problem with PUD ownership, as long as the HOA is solvent and doing its job. You should look for demonstrated market acceptance of the PUD you are considering. In other words, sales activity.
Again, the main difference between a PUD townhome and a condominium townhome is that in a PUD, you own some land. In a condo, you don't.
Townhome/Townhouse - Pros
Less expensive than single family homes
No neighbors above or below.
Often has a small fenced yard
Low maintenance lifestyle â€“ HOA may cover roof repair and replacement, exterior maintenance, common area maintenance, and other expenses
Often includes amenities such as a community pool
Townhome/Townhouse - Cons
Noise from neighbors through shared walls
Homeownersâ€™ association fees and politics, and CC&R restrictions
A townhome or townhouse will typically have a small yard or no yard
Might have common stairwells
A town home refers to a style - generally a multi story living structure. The ownership of a town home is usually condo (absolute ownership of the unit pus an interest in the common elements) or coop (title held by corporation owned by and operating for the benefit of the residents, who are the stockholders).
Generally, in NJ people refer to Condos as single level living - and Townhomes as multi level. Condos and Townhomes, as well as single family homes can all be contained within the same PUD.
Hope that helps.
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This problem was reported to the HOA many times over the intervening years without them endeavor to right this problem. Then, more recently, this water pooling directly caused the previously cited water pooling and the consequential flooding of our basement that overwhelmed our sump pump. The other part of our HOA-managed complex was built with a sub-standard water-main system that requires HOA approved expenditures of $ 11,000 on upwards each year. However, because good-ole Nationwide HOA insurance (who is not on anybodies side!!!) rejected the claim for our flooding, the HOA only approved paying for clean-up but not interior carpet and bookcase, etc., damage and, so far, has not leveled out the offending pathway. Does HOA Easement rights make it the responsibility of each townhouse for this pathway?
Things to look for-
a capital account that has some funds in it- (this is for capital expenditures ie. new roof or paving)
good payment records from current residents- no past due dues
no outstanding leins or judgements against the property (lawsuits)
As the economy goes through this hard time we must be more careful than ever when looking into these type things.
Yes you do own the land that your unit sits on. So if you do buy one be sure your attroney or title company is aware that it's a PUD, since the documents required differ.