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Orlando First Time Homebuyer: Types of Ownership Part 2

As the space for homes has diminished in Central Florida, condos have become more popular. Condos are typically attached homes, meaning each unit shares a wall or walls.  When you own a condo you own everything on the interior of that unit. The exterior walls, roof and common areas are usually maintained by the home owner’s association. When you buy a condo you agree to pay a certain share each month of the fees for maintaining the community. In some cases the monthly fees can be quite high so it is always a good idea to check what is included in the fees.
A planned unit development (PUD) is a very common sight around Orlando. These are neighborhoods of planned detached single family housing. The ownership rights are the same as described above in: single family detached home. The main difference is that in a PUD you are responsible to pay a certain annual or monthly fee for the upkeep of the neighborhood (the streets, lights and sidewalks). Here you are also bound by certain rules that vary from community to community. Some communities have restrictions on the color you can paint your house or whether or not you can erect a basketball hoop in your driveway. Because each community’s rules can vary it is a good idea to ask to read their covenant before your buy to determine if it is the right fit for you.

So far we have talked about Single Family detached homes (no HOA) and Co-ops. But there are two other types of home ownership: Condo and Planned Unit Development.

As the space for homes has diminished in Central Florida, condos have become more popular. Condos are typically attached homes, meaning each unit shares a wall or walls.  When you own a condo you own everything on the interior of that unit. The exterior walls, roof and common areas are usually maintained by the home owner’s association. When you buy a condo you agree to pay a certain share each month of the fees for maintaining the community. In some cases the monthly fees can be quite high so it is always a good idea to check what is included in the fees.

A planned unit development (PUD) is a very common sight around Orlando. These are neighborhoods of planned detached single family housing. The ownership rights are the same as described in: single family detached home. The main difference is that in a PUD you are responsible to pay a certain annual or monthly fee for the upkeep of the neighborhood (the streets, lights, sidewalks and pool- if your community has one). Here you are also bound by certain rules that vary from community to community. Some communities have restrictions on the color you can paint your house or whether or not you can erect a basketball hoop in your driveway. Because each community’s rules can vary it is a good idea to ask to read their covenant before your buy to determine if it is the right fit for you.

If you are looking for a Sanford or Lake Mary PUD community that has a pool, click here.

If you are looking for a great deal on a condo or townhome, click here.

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