types of housing what type of house will you live in?
TRANSCRIPT
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• 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 HomesPrefab 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