2. DIFFERENT TYPES OF HOUSING
There are a number of different types of housing that you can own or rent. The size of your family, where you live and your financial and credit situation will all come in to play when choosing the type of property you want to live in. It used to be that most single-family homes were bought by married couples but today things are changing. Banks and financial institutions are giving more loans to single people, so your choices of homes have broadened.
Apartment Complexes These are multi-family dwellings that are usually rented. In larger cities you sometimes have the option of purchasing apartments.
Condominiums - Condominiums offer the security of owning your own home without the hassle of having to care for the outside. You have shared common areas in the condos complex which are called common elements. Maintenance fees are charged monthly to the condominiums' residents.
Cooperatives Similar to an apartment complex or a condominium. The residence own shares in a company's stock and not the actual home. When you move, you sell the stock back to the corporation.
Planned Unit Developments (PUDs) Planned developments that merge housing, commercial and recreational facilities into one community.
Mixed-Use Developments High-rise developments where shopping, recreation and housing are included in the same building.
Manufactured Housing These are commonly known as mobile homes. Mobile homes are actually considered transportation and are sold in accordance with the DOT.
These are only a few of the different types of housing available. You can find more information on the different types of housing by researching on the Internet or at your local library.
