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

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

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

5. 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

6. 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

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

8. 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

9. 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

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

11. 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

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

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

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

15. 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

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

17. 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.

18. 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

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

20. 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

21. 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

22. 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

23. 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

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

25. 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

26. 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

27. 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

28. 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