Chapter 3 Concepts of Home Ownership A variety
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Chapter 3 Concepts of Home Ownership A variety of housing types are available under the general heading of home ownership: single family, small multifamily residences, and high-rise condos.
3 Concepts of Home Ownership • Learning objectives – Identify the various types of housing choices available to homebuyers – Describe the issues involved in making a home ownership decision – Explain the tax benefits of home ownership, and – Distinguish the various types of homeowners’ insurance policy coverage © 2013 Kaplan, Inc. 2
3 Concepts of Home Ownership • Types of housing – – – Apartment complex Condominium Cooperative Planned unit development (PUD) Retirement community © 2013 Kaplan, Inc. 3
3 Concepts of Home Ownership • Types of housing – – – High-rise development Converted-use property Manufactured housing Modular homes Time-share © 2013 Kaplan, Inc. 4
3 Concepts of Home Ownership • Housing affordability – – Mortgage terms Ownership expenses and ability to pay Investment considerations Tax benefits © 2013 Kaplan, Inc. 5
3 Concepts of Home Ownership • Homeowners’ insurance – Coverage and claims – Basic versus broad-form policies – Liability coverage – Coinsurance clause • Flood Insurance Program © 2013 Kaplan, Inc. 6
