When you’re in the middle of buying or selling a house, it can sometimes feel like you need a trusty real estate dictionary to unscramble all the acronyms out there!
A PUD falls right into this category! So, what does it mean when a property is within a PUD and would a PUD be right for me and my family? You’ll find the answer really depends on your lifestyle.
You see, a Planned Unit Development, or PUD, is a housing development which can be comprised of several different property types such as, single-family homes, condos, townhomes, and commercial property like retail stores or restaurants. Many PUDs also have common areas for their residents to enjoy like parks, workout facilities, or swimming pools. The idea is to create a sense of community and offer certain amenities and features that are not found within the traditional neighborhood.
“Convenience” is a word that comes to mind when you are considering a home within a PUD. You may have access to many different shops, restaurants, and recreation options just a few steps away from your front porch.
Sound like a dream? Well, it does come with a price. To keep these different amenities maintained, the PUD is operated and maintained by a homeowners association (HOA) where each homeowner contributes monthly or quarterly fees. These fees vary from PUD to PUD, but you can generally expect the more amenities a PUD offers, the higher the fees.
You might also want to consider if you’d be ok with living according to neighborhood rules that are enforced by the HOA. These can be anything from where you can and cannot park your vehicles, to landscaping choices, to even pet ownership. Part of this is to help ensure that homeowners within the PUD don’t neglect their property and lower property values for everyone else.
Whatever you choose, make sure your decision is informed! Call or text one of our BHURDinUtah agents today. We’d be happy to answer all your questions and help you determine what type of home is best for you.