What is a site condominium?
“ Site condominiums ” are essentially detached single-family homes that are created under the condominium form of ownership. In a site condominium , the condominium “unit” is actually the lot that each person owns in the project; the person’s home is constructed on the unit and considered to be an “improvement” thereto.
Do you own the land in a site condo?
Typically, inhabitants in condos own (and take care of) only their home—not the land on which it’s built. Site condo owners, on the other hand, own both the house and the land . All in all, site condos are a great compromise if you want more responsibilities than that of a condo owner but fewer than that of a homeowner.
What is the difference between a site condo and a pud?
Again, the main difference between a PUD townhome and a condominium townhome is that in a PUD , you own some land. In a condo , you don’t. Condo and Townhouse’s have a homeowners’ association and the association maintains the grounds, structures and systems in the complex. PUD ~ Owns the land front and back of unit.
What appraisal form is used for a site condo?
Form 465 is designed to report the results of an appraisal of a 1-unit property in a Condominium Project, whether attached or detached. An interior and exterior inspection of the subject property is required.
What is a standalone condo?
A stand alone condo is built just like a traditional home. It doesn’t share any walls with neighboring condo units, and most people wouldn’t know that it was not just a traditional single family home. The primary difference though, is the fact that the land is shared with several other owners.
Who owns the common area in a condominium?
The owner (s) of a unit within a typical Condominium project owns 100% of the unit, as defined by a recorded Condominium Plan. As well, they will own a fractional or percentage interest in all common areas of the Condominium project.
What happens if a condo is destroyed?
If a condo is damaged or completely destroyed by a covered peril, your condo insurance policy will pay up to the coverage limit of the policy purchased. This is usually equal to the full cost of replacing the unit. Depending on what areas are affected, an incident can be covered by multiple policies at the same time.
Do you really own a condo?
Condos are individually sold units within a communal living complex. They often look just like apartment buildings. Unlike apartments, however, you own your private condo unit.
What do you actually own when you buy a condo?
Basically, condo buyers will own the condominium unit itself, and what’s called an “interest” (along with all the other owners) in the “common elements” (sometimes called “common areas”) of the condominium project.
Is a PUD considered a condo?
A Planned Unit Development ( PUD ) is a community of homes that could look like single family residences, townhomes or condos , and can include both residential and commercial units, but on paper, they’re most similar to condos .
Which is a better investment condo or townhouse?
Condos are often cheaper than townhouses because they come with no land, where the exterior and land are considered common areas. Condo owners pay monthly homeowners’ associations (HOA) fees that are significantly higher than townhome owners, partly because they cover exterior maintenance.
Is a townhouse considered a condo?
A condominium is similar to an apartment in that it’s an individual unit residing in a building or community of buildings. But unlike an apartment, a condo is owned by its resident, not rented from a landlord. A townhouse is an attached home also owned by its resident.
Do site condos need FHA approval?
Do Site Condominiums need FHA Approval ? No. Site condominiums do NOT need FHA approval .
What is a form 1007?
Description: The Single Family Comparable Rent Schedule Form 1007 is intended to provide an appraiser with a familiar format to estimate the market rent of a property. Rental Survey ( 1007 ) Used to provide an estimate of the market rent of a property based on similar, comparable rentals in the area.
How do you appraise a condominium unit?
Real estate agents sometimes use square footage as a rule of thumb for appraising a property. To use this method, multiply the square footage of your condo by the average price per square foot of homes that recently sold in area. When using comps, add to the value if your home is larger, and subtract if it is smaller.