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

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

3. 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

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

5. 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 more functional for the family living in it

6. 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
Disadvantages
Will usually cost more
May be harder to sell in the future
Building your own home can be stressful

7. Manufactured Homes
Available in several forms and degrees of completion
Some components of the home are already prepared or put together, the remaining components are assembled on site.

8. Advantages
Lower costs
Reduced time in building
There are options to the design
Disadvantages
Selection is limited
In many cases special equipment is needed to construct the home
Can be expensive to ship large modulars

9. Mobile Home Designed to be movable
Constructed on a frame that has wheels
Come fully equipped with appliances, furniture and draperies

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

11. Cooperatives This is a type of ownership, not a housing style
Each unit is usually called an apartment
The building is managed and run as a corporation where you own a share- your apartment living space.

12. 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
Disadvantages
There is a monthly fee to pay property taxes and maintenance costs
Must abide by the decisions of the entire group
Changes must be voted on by the co-op.

13. Condominiums You buy the space- similar to cooperative.
Have joint interest in all shared areas – grounds, pools, etc.
Common property is maintained by a fee collected from all owners.
Ownership of space may be shared- “Time- Share” condos are popular where you own the space for a certain amount of time each year.

14. Advantages
An owner may sell without the permission of everyone else.
May have a variety of housing styles in one complex
The individual does not have to do their own maintenance and upkeep
Disadvantages
There are additional fees for upkeep
May not be able to change the appearance of you home
May be difficult to sell

15. Rentals
Any type of home can be a rental, but apartments are the most common
Someone else owns the home, and you pay a monthly fee to live there.

16. Advantages
Offer a variety of lifestyles
Choices may be unlimited as to style, size, price and facilities
Often conveniently located.
Disadvantages
Renters have little or no voice in management
All maintenance and upkeep is done by the owner, have no control
After paying rent for years, there is no equity