Buying a home is a perplexing process, especially with the foreign terminology and processes that you have to learn. One thing that many people can be confused about is a PUD vs HOA and how they are related to one another. Let’s take a quick look to review these terms with the help of information provided by Kevin Davis Insurance.
What’s The Difference?
A PUD, or planned unit development, is a planned community of detached homes and townhomes. The owners of these units have complete control over the land their home sits on, such as the backyard, and are responsible for those areas. They are also part of an HOA, or homeowner’s association. Owners pay fees to the HOA so that the association can maintain the common areas, such as pool and walkways.
For individuals interested in purchasing a townhome or condo, it’s important to consider whether the home is located in a PUD and also what the HOA fees include. Not every townhome or condo is part of a PUD, but your realtor can help you find one that suits your needs.
Review Your Terms Before Beginning Your Search
Before you look for a house, it’s a good idea to review the difference between a PUD vs HOA. That way, you can know what those terms mean when they come up in your search.