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Speaker 1: Streaming TV shows and movies directly to your home is

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Speaker 1: and sign up today. Welcome to brain Stuff from house

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Speaker 1: stuff works dot com where smart happens. Hi Am Marshall

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Speaker 1: Brain with today's question, what is the difference between a house,

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Speaker 1: a mobile home, a condominium, a co op and a

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Speaker 1: town house. The world of residential real estate is huge,

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Speaker 1: and if you're in the market to buy a home,

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Speaker 1: it can get a bit confusing because there's so many

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Speaker 1: different ways to buy a home. Let's take a look

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Speaker 1: at the five main forms that a non rental home

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Speaker 1: may take and try to sort out the differences. First,

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Speaker 1: you have a house. When most of us talk about

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Speaker 1: a house, we're referring to a free standing single family residents.

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Speaker 1: There's also such a thing as a duplex that the

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Speaker 1: free standing structure divided into two connected single family units.

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Speaker 1: The main defining characteristic of a house, besides its free

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Speaker 1: standing nature, is the breadth of ownership responsibility taken on

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Speaker 1: by the buyer. The owner of a house owns the

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Speaker 1: building itself as well as the land, and it is

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Speaker 1: therefore responsible for all upkeep associated with those areas, including

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Speaker 1: lawn and landscape maintenance, painting repairs, redoing, the roof and appliances,

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Speaker 1: the real estate taxes, and everything else. Sometimes houses may

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Speaker 1: be grouped together in a definite community or subdivision that

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Speaker 1: has shared spaces, such as a pool or a playground.

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Speaker 1: In these communities, homeowners pay a fee to a homeowners association,

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Speaker 1: which maintains the shared spaces and may provide such services

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Speaker 1: as lawn care, landscaping, and security. The homeowners association sets

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Speaker 1: rules and regulations for the community, some even pertaining to

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Speaker 1: the aesthetic appearance of the houses, so you might not

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Speaker 1: be able to paint your house a certain color because

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Speaker 1: the homeowners association doesn't let you. A town house is

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Speaker 1: like a house and that the owner owns both the

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Speaker 1: structure and the land on which it sits, but it's

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Speaker 1: not free standing, so the land on which it sits

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Speaker 1: is usually limited to the front and back yards. Town

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Speaker 1: Houses are connected to one another in a row and

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Speaker 1: are usually two or three stories tall. They share many

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Speaker 1: of the characteristics of a condominium. A condominium is like

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Speaker 1: a townhouse in that the units are attached to each other,

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Speaker 1: but if you own a condo, you do not own

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Speaker 1: any land. A condo owner owns only the unit itself,

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Speaker 1: which is taxed as an individual entity, and sometimes a

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Speaker 1: percentage of the common areas of the community. Condo communities

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Speaker 1: may provide such shared facilities as a pool, a gym,

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Speaker 1: tennis courts, a clubhouse, all maintained by the condo association,

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Speaker 1: which also takes care of all the day to day

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Speaker 1: management tasks. This is one of the advantages of condo living.

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Speaker 1: It's all the joy of using the amenities, but none

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Speaker 1: of the hassles of maintaining them. Condo owners pay a

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Speaker 1: monthly fee to the condo association, which also sets the

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Speaker 1: rules for the community. Then there's the cooperative or the

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Speaker 1: co op. The main difference between condos and co ops

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Speaker 1: lies in the specifics of ownership. If you own a

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Speaker 1: co op, you don't own the unit itself. Instead, you

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Speaker 1: own a share in the cooperative corporation. This share gives

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Speaker 1: you the sole right to your living space, but it

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Speaker 1: doesn't give you ownership of it. For this reason, your

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Speaker 1: real estate taxes maybe covered by your co op membership

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Speaker 1: because the building is taxed as a whole. Co Op

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Speaker 1: members pay a monthly fee of the corporation, which, like

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Speaker 1: the condo association, maintains the building and all shared spaces

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Speaker 1: and handles daily management tasks. A co op is generally

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Speaker 1: stricter about screening perspective buyers and has more say in

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Speaker 1: the handling of your own unit. Also, a co op

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Speaker 1: maybe more difficult to finance than a condo, because co

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Speaker 1: op corporations may deal only with certain banks. And finally,

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Speaker 1: there's the mobile home. The clear distinguishing characteristic of a

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Speaker 1: mobile home is that it's mobile. It can have wheels,

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Speaker 1: and it goes down the road when it's being installed.

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Speaker 1: Mobile homes are sometimes called manufactured homes. Buying a mobile

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Speaker 1: home is similar to buying a car. Sales tax applies

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Speaker 1: and you receive a title of ownership. Mobile homes, unlike

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Speaker 1: other forms of housing, depreciated value as cars do. You

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Speaker 1: can put a mobile home on your own piece of

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Speaker 1: land where it acts a lot like a house, or

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Speaker 1: you can put it in a mobile home park. Land.

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Speaker 1: Own ownership is handled differently in different parks. In some

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Speaker 1: you must buy the lot for your home, and others

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Speaker 1: you lease it instead of buying it, and in others

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Speaker 1: you don't buy the land at all, but instead purchase

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Speaker 1: a share in a corporation, much like a co op.

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Speaker 1: Property taxes are handled in various ways depending on these distinctions,

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Speaker 1: like condo communities, co op buildings, and town homes. Mobile

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Speaker 1: home parks have rules that must be followed by the residents.

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Speaker 1: For more on this and thousands of other topics. Because

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Speaker 1: at house staff works dot com, streaming TV shows and

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Speaker 1: movies directly to your home is a breeze with Netflix.

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Speaker 1: As a Netflix member, you can instantly watch TV and

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Speaker 1: movies on your PC, Mac, mobile device, or right on

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Speaker 1: your television. Get a free thirty day trial membership. Go

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Speaker 1: today