What type of house will you live in? Types of Housing What type of house will you live in?

Objectives Name the 7 types of housing Identify an advantage and disadvantage of each Describe construction of each type

Types of Housing Tract Houses Custom Houses Manufactured Houses Mobile Homes Cooperatives Condominiums Rentals

Tract Housing Developer builds several houses using a few basic plans This helps to reduce the cost of construction This helps to speed the work

Tract Housing Advantages The buyer can see what they are getting Less construction cost The home usually increases in value The subdivision has been planned as a whole

Tract Housing Disadvantages They may be monotonous with little individuality May look bare and unfinished Usually built on small lots May be poorly constructed

Custom Houses Is one design and is built to meet the needs of the home owner It is different from all other house designs It usually costs more to build Usually is more functional for the family living in it

Custom Houses Advantages Built to the specs of the family using it Unique design Usually top building materials are used Truly functional living space for family members

Custom Houses Disadvantages Will usually cost more May be harder to sell in the future Building your own home can be stressful

Manufactured Homes Available in several forms and degrees of completion Modular components, prefabs, kit houses and precuts are marketed by several manufactures There is some pre-assembly done prior to bringing to the site

Manufactured Homes Prefab housing kits, large panels are delivered ready to put together Precuts – everything is cut and ready to put together

Manufactured Homes Advantages Lower costs Reduced time in building There are options to the design

Manufactured Homes Disadvantages Selection is limited In many cases special equipment is needed to construct the home Can be expensive to ship large modulars

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.

Cooperatives This is a type of ownership, not a housing style Most popular in multi-family living spaces Each unit is usually called an apartment The building is managed and run as a corperation

Cooperatives Families own stock in the corporation General maintenance, etc is done by the corporation

Cooperatives Advantages The tenant owns the apartment, does not have to pay rent. The cooperative does all maintenance Being a stock holder, you have a voice in the decisions of maintaining the cooperative

Cooperatives Disadvantages There is a monthly fee to pay property taxes and maintenance costs Must abide by the decisions of the entire group If you want to sell, everyone must vote on who buys into the co-op

Condominiums You buy the space – either an individual house or an apartment Have joint interest in all shared areas – grounds, pools, etc Common property is maintained by a fee collected from all owners

Condominiums Advantages An owner may sell without the permission of everyone else (if there is an association you may need permission) May have a variety of housing styles in one complex The individual does not have to do their own maintenance and upkeep

Condominiums Disadvantages There are additional fees for upkeep May not be able to change the appearance of you home May be difficult to sell

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

Remember When selecting a type of housing, the owner needs to be comfortable with the living space When buying a home the owner builds up equity With Tract, Custom, Manufactured and Mobile homes, when you own it, you can do whatever you want to the living space