Single Family Homes Townhouses Condominiums Mobile Homes Rentals Introduction to Personal Environment Management

Single Family Homes Most common in North America House sits on its own piece of land

+ Advantages + Can be modified or improved as owner wishes. + High re-sale value +Easy to add on to home with additions +No Property Management fees

- Disadvantages - All maintenance and repair costs are the owners responsibility - The owner is responsible for landscaping and lawn care including shoveling -More expensive than Townhouses or Condominiums

Townhouses A home that is attached to one or more other homes The homeowner also owns the land in front and behind home (on side where applicable) Share common areas as well as amenities (parks, pools, laundry room)

+ Advantages + Owners have less exterior maintenance they are responsible for + Higher level of security with neighbors attached Amenities for community (pool, playground, tennis courts, etc)

- Disadvantages - Required to pay money to the Home Owners Association - Less privacy than Single family homes - Limited to amount of changes that can be made to exterior of home, and no additions possible.

Condominiums A home where the owner doesn’t own the land the home sits on Owner owns everything inside home (floors, walls ceilings) Owner is a partner in owning everything exterior of structure (foundation, exterior walls, roof, pool, tennis courts, etc) All exterior repairs and maintenance is the responsibility of the Condominium association. (This includes cutting the grass, shoveling the snow, and cleaning the pool)

+ Advantages + The owner is responsible for little or no exterior maintenance or repairs + Amenities + More reasonably priced than other forms of housing

- Disadvantages - Required to pay Condominium Association fee - Often takes longer to sell - Less privacy than single family homes or townhouses

Mobile Home Designed to be movable Constructed on a frame that has wheels Come fully equipped with appliances, furniture and draperies Can be moved to different locations

Mobile Home Advantages The main advantage is economic – lower cost Mobile home parks may have many amenities

Mobile Home Disadvantages They depreciate rapidly, may lose half their resale value in 5 years. Cities may limit the location they can be placed Once they are placed they may no longer be mobile.

Rentals Any dwelling can be a rental, but apartments are the most common There is less initial expense, and very little upkeep Many times, large units are built at once with planned amenities

Rentals Advantages Offer a variety of lifestyles Choices may be unlimited as to style, size, price and facilities Often conveniently located near public transportation, shopping centers, etc

Rentals Disadvantages Renters have little or no voice in management of units All maintenance and upkeep is done by the owner, have no control After paying rent for years, there is no equity

Conclusion Single Family Homes- own land and home Townhouses- Own home that is attached to others and land Condominiums- Own only the inside of home, everything outside belongs to group, including roof, foundation, and land home sits on Mobile Homes- A movable type of home. Often own the mobile home and rent the lot it sits on. Rentals- You own nothing, just pay to use the space for a specific period of time.

Name that House Look at the following slides, decide if the house is a: Single Family Home Townhouse Condominium