Thinking about buying a condo or Town home in the Upstate SC?
Here is some important information for you provided by Greer Real Estate Company LLC,
Condo, PUD, Co-op: What's the Difference?
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.
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.