Types of Housing What type of house will

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

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

Types of Housing • Tract Houses • Cooperatives • Custom Houses • Manufactured • Condominiums Houses • Mobile Homes • 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 v. Prefab housing kits, large panels are delivered ready to put together v. 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 multifamily 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 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