Types of Housing

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Types of Housing

• What type of house will you live in?

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Objectives

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

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Types of Housing

• Tract Houses
• Custom Houses
• Manufactured Houses
• Mobile Homes

• Cooperatives
• Condominiums
• Rentals

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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

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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

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Tract Housing

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

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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

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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

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Custom Houses

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

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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

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Manufactured Homes

• Prefab housing kits, large panels are delivered
  ready to put together
• Precuts everything is cut and ready to put
  together

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Manufactured Homes

• Advantages
• Lower costs
• Reduced time in building
• There are options to the design

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Manufactured Homes

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

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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

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Mobile Home

• Advantages
• The main advantage is economic lower cost
• Mobile home parks may have many amenities

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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.

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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

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Cooperatives

• Families own stock in the corporation
• General maintenance, etc is done by the
  corporation

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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

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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

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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

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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

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Condominiums

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

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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

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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

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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

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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