Housing Portfolio
Housing Portfolio
Love
Acceptance
Emotional Needs
Provides privacy
Ownership
A sense of belonging
Physical needs
provides protection
Provides shelter
Provides safety
Provides comfort
Types of Housing
Distinguishing Features
1. Cottage- a one storey house (ground floor only) with rooms and all the other amenities
for living- somewhat like a bungalow.
2. Bungalow- a one storey house usually low and with a wide veranda. Bungalow means
‘House’ in hindi, and the bungalow style was first developed in bangal, India.
5. Apartment- a separate, self-contained unit with all convenience (living, dining, sleeping)
on one floor. An apartment building may have several storeys. Like townhouse,
apartment swelling is now a popular choices especially for small families.
6. Condominium- an apartment building in which each unit is self-contained and
independent but, in addition, includes services such as restaurant, barbershop,
boutique, and flower shop in the same building or within the same compound. In certain
West Indian islands both apartment building and condominium are guided by the Strata
Plan Act which sets out the rules and regulations for their efficient and proper
operation. Each apartment is called a Strata Lot for registration and tax purposes.
7. Caravan- a mobile house or ‘house on wheels’. Many families live in caravans until they
are able to own one of the more permanent types of housing. Caravans are sometimes
used as housing for people who are on vacation and are complete in every detail.
8. Tree House- a tree house tree fort or tree shed is a platform or building constructed
around, next to or among the trunk or branches of one or more mature trees while
above ground level. Tree houses can be used for recreation, work space, habitation, and
observation.
9. Stilt houses- are houses raised on piles over the surface of the soil or a body of water.
Stilt houses are built primarily as a protection against flooding, and they also keep out
vermin. The shad space under the house can be used for work or storage.
10. Tiny Home- popularity has boomed in recent years, spurring what’s known as the “tiny
home movement.” These small abodes usually fall in the range of 60 – 400 square feet.
Some tiny homes are prefabricated and some are complete custom builds. They have
become greatly popular among single adults and couples who want more financial and
physical freedom, as some tiny homes are mobile and can be moved to new locations.
11. Single-Family (Detached) - the key feature of a single-family home is that it’s completely
detached from other housing units, unlike condos, apartments or townhomes. The
majority of homes in the U.S. are single-family homes. They’re less common in highly
populated areas and are typically found in suburbs. Single-family homes are usually
more private and there are more options for personalization.
12. Co-Op- a co-op is also known as a housing cooperative, and this type of housing is quite
different from the others. When you buy into a co-op, you’re buying a share of the
company that owns the building rather than actual property. The number of shares you
own typically correlates to how much space you’re afforded in the co-op. Once accepted
into a co-op and after purchasing shares, you’ll have a vote on common spaces, and
you’ll split maintenance costs and other fees.
13. Ranch- style houses appeared in the 1930s, but their popularity boomed in the 1950s.
These homes are typically one story and feature low-pitched roofs, large windows,
sliding glass doors, large backyards, open living spaces and attached garages. They come
in a variety of variations like split-level, storybook, California and raised ranch. For
example, California ranch homes are shaped in an “L” or “U” with a backyard to
encourage outdoor living.
14. French Country- homes are inspired by the abodes found in the French countryside, like
Provence. They share some similar features with farmhouse style houses but it’s
definitely a style all its own. French country homes have pointed roofs, shutters, and are
typically made from stone. Inside you’ll find a stone fireplace, distressed wood, subdued
palettes with pastels or worn colors worked in.
15. Contemporary- style is often confused with modern, but the two should not be used
interchangeably. Contemporary refers to the present and modern refers to a time
period that has already passed (ex: midcentury modern). Contemporary homes today
often incorporate elements from modernist styles. Many boast eco-friendly materials
and design with a focus on clean lines and natural textures. The color palettes are
usually more neutral with pops of color added in the interior.
Points to consider when choosing a house
Some points to consider when investing in a home are as follows:
1. Consider the maximum amount of money you can afford to purchase a home. Consider
all the other expenses you may have to meet before the sale is completed.
2. Consider the maximum down payment and mortgage payment that suits your budget.
3. Insure that the location is convenient to workplace, stores, schools, library, hospital, and
public transportation.
4. Ensure that the neighborhood residential, is well-kept with stable or rising real estate
values.
5. If the zoning law is friendly to would be home owners that is if it would offer them
protection.
6. Find out the age and condition of the building. If repairs are to be done the cost for
same should be known.
7. Utilities and services should be available at responsible cost.
Ways of acquiring a house for the family
Renting a house- is the money you pay for the use of another person’s property. It may be paid
weekly, fortnightly or monthly. Any type of home may be rented. E.g. an apartment or house,
furnished, semi-furnished or unfurnished.
Buying a house- buying a home is probably the biggest financial investment a family will make.
Whether the family decides to buy a new home or an old one, the following aspects should be
checked:
The neighborhood
The age of the property
The type of architecture
The adequacy and arrangement of the living space
The plumbing, writing, etc.
Before making a purchase, you should seek the advice of a quantity surveyor, who will judge
the physical condition of a building.
The location: certain community facilities, such as schools or school places, churches or
shopping facilities may not be available in a newly developed housing area.
The building may have weaknesses in construction which could require extensive repairs
later.
Older houses generally have more spacious grounds and may be more likely to meet the
needs of a growing family.
They are usually located in well-established communities.
The older house may cost much less than a new one.
There are some disadvantages in buying an older home.
Inheritance- tax and other depts. On inherited property, no matter how the property was
owned, the value of the deceased person’s share is counted as part of their estate. If decided to
sell or rent the property you’ve inherited you may have to pay tax on the rental income or any
profit made when the house is sold.
Advantages & disadvantages of owning & renting a house
Advantages of owning a house
Greater privacy
Pride in ownership and strong community ties
Stability: people tend to stay longer in a home they buy, if only because buying, selling
and moving frequently is difficult.
Stable monthly payments: means you’ll pay the same monthly amount for principal and
interest until the mortgage is paid off.
A good long term investment: even if the value of the structure itself depreciates, the
land on which it sits can become more valuable.
Building equity: your equity grows as you pay down your mortgage. Over time, more of
what you pay each month goes to the balance on the loan rather than the interest,
building more equity.
Disadvantages of owning a house
High upfront costs: a lot of money is spent on the mortgage, insurance premium etc.
Less mobility: means that you cannot pick yourself up and leave a location.
You are responsible for all maintenance costs
Property value can fall: after a number of years the house value will depreciate.
Illiquidity: while you are trying to sell your home, the mortgage still has to payed.
Advantages and disadvantages of renting a house
Advantages of renting a house
https://www.homestratosphere.com/types-of-houses/
https://www.rocketmortgage.com/learn/types-of-houses
https://www.incharge.org/housing/homebuyer-education/homeownership-guide/advantages-and-
disadvantages-of-owning-a-home/