Taylorsville Condos, Not Real Condominiums At All !!!
Village II, my favorite Taylorsville Condos are not real Condominiums at all. They are part of a PUD, (planned unit development).
What's the difference, and why should I care you ask?
The differences can be found on my website glossary and are pretty simple.
The fact is many folks use the words Town Homes, Condos, Condominiums, and PUDs interchangeably.
Why you should care though is an entirely different matter. It has to do with financing, and in particular FHA home financing.
Condominiums in Taylorsville ( or any where for that matter) need to be approved as a project by HUD. All HUD approved Condominium projects can be searched at Approved Condos.
Town Homes or Condo type units in Planned Unit developments however are not on this list. They qualify for financing just like any other home for sale.
Your lender may inform you that the home for sale that you want will not qualify for FHA financing because the project is not approved. Show them the difference. Show them documents that explain that while the units look like condominiums, and some of the area belong to a Home Owners Association, you will actually own the building and the ground upon which it sits.
This happened to us in the Vista Montana project in West Jordan and almost cost us the chance to provide our home buyer a great place to live.
If you would like to see all of the condos for sale in Salt Lake, visit our website @ Salt Lake Homes and see all the homes available, with pictures, maps, prices, and helpful information.
Remember if you are looking at Village II Condominiums, the Taylorsville Condos, they are not real condominiums at all.