A PUD, short for planned unit development, is a type of home ownership in which the owner owns a lot but the common areas are collectively owned by the members of the community or homeowner's association (HOA). The actual constructions can be condos, townhouses or even single-family homes—it doesn't matter because PUD refers to the type of homeownership and not the actual appearance of the property.
As you can see, there is a thin line between condos and PUDs. In practice, however, an average PUD owner has access to better amenities than an average condo owner. For example, if you want a home in a community where you can have access to a private tennis court, then you are more likely to find it in a PUD.
If you want to buy a house, you could benefit from learning the following specific benefits of PUDs.
Great Amenities at Lower Costs
As mentioned above, most PUDs come with excellent amenities that are difficult to land elsewhere. This is because you don't have to own the amenities on your own, but rather, they are co-owned with other vested parties in the development. Workout facilities, private playgrounds, and parks are all common in PUDs.
Maintenance and Uniformity
PUDs are usually uniformly and regularly maintained. You won't find one part of the development with potholed roads and another part with perfect cabro pavements. Even the landscaping is likely to be top notch throughout the development. This kind of attention to detail ensures that the values of the properties remain high, the curb appeal is excellent, and the properties don't suffer from neglect-related damages.
As a prospective homeowner, it would not be right to extol for you the virtues of PUDs without highlighting their limitations. You need to know the pros and cons to make an informed decision; therefore, here are some of the things you may not like about PUDs:
High-Density Occupation
If you are the kind of homeowner that cherishes silence and seclusion, then a PUD is probably not the best home for you. This is because these homes are designed for maximum space or land utility, which is another way of saying that they are crowded. Therefore, foot traffic and reduced privacy are some of the things you may have to contend with when living in a PUD.
Restrictive Rules
Even though you actually own the lot on which your PUD home sits, you are not free to treat it or live in it as you wish. The HOA will determine whether you can paint it, whether you can own pets (and which types), or even where you can park. You may not like that kind of setup if you are the type of person who values their freedom.
After thinking long and hard about what to do with my living situation, I finally made the decision that it was time to buy a house. I was tired of living paycheck to paycheck because of rent, so I began working with professionals to guide me in the right financial direction. I was able to find a great company that offered exactly what I wanted to learn, and they walked me through the financial aspects of home ownership. Within a few short months, I was living in a gorgeous new home that I absolutely loved. Check out this blog for great advice on home ownership.