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00:29: Hello, and welcome to 680 Home Video Channel, a web series where we answer all of your real estate questions. I’m your host Theodora and I’m talking to local East Bay real estate broker Doug Buenz.
00:41: Hi Doug, it’s great to see you! Today we’re going to discuss property types. Doug, please tell us a little bit about all the different property types.
00:51: Sure. There’s three main types of zoning designation. There’s a single family home, a PUD or planned unit development, and a condominium.
01:05: Single family homes are pre-standing properties, are not attached. The owner maintains the property and the structure. And it may or may not have a homeowners association with it.
01:20: A PUD is another zoning classification that stands for planned unit development. This is typically a little higher density project. They can be attached or detached. There normally is a homeowners association along with common areas associated with a PUD. And often there is private streets within the development.
01:43: And the last property type is condominium and this is distinguished because the owner – you as an owner – actually only own the interior airspace of the unit. You don’t own the walls or the structure or the common area. You own an undivided interest in the common area along with all the other owners in the complex. Normally there always– there’s a homeowners association associated with a condominium project.
02:11: I often get asked the question, What’s the difference between a condominium and a townhouse?” A townhouse is really a lay person’s term, and really what it means is the style of the unit. A townhouse brings to mind a property where there is an upstairs and a downstairs. And there’s usually not someone below you or above you. So if someone says to me, “I want to buy a townhouse,” normally that’s what they’re referring to. Or as a condominium typically means someone is going to be above you or below you and usually one level. That would be the common definition of a condominium. In fact, most of the townhouse style units you see today are in fact condominiums or they’re owned as condominiums even though they’re townhouse style units.
02:59: In terms of homeowners association dues, condominiums have typically the highest homeowners association dues. This is because that the homeowners association and the owners there own an undivided interest in all the structures, in all the common areas. Therefore they are responsible to maintain them. In fact many of the condominiums have homeowners associations that maintain the inside of the unit. So if there’s a plumbing leak, or a problem inside the property, the homeowners association will maintain that. Obviously that adds the expense of the homeowners dues because you’re paying to maintain other people’s units.
03:35: PUD’s or planned unit developments, the homeowners dues there are usually less because the owner’s normally responsible for maintaining there own their structure. So the homeowners association in a PUD is responsible for maintaining the common areas. Sometimes they’ll maintain the front yard landscaping as well, just to maintain continuity throughout the project .
03:59: And obviously single family homes have the lowest homeowners dues, if there are homeowners dues with the single family home development, it’s strictly to maintain common facilities such as pools, tennis courts or monument entrances to the development and normally they’re very reasonable.