They will have to live in the White House because it has all necessary government communications. Trump can rebuild it to add a floor but it is very unlikely as he will have no time and this is a historic building. Their mode of life will change drastically and nobody (including themselves) knows how it will affect them.
Yeah. Trump and his Mrs. will have to slum it a while in public housing. And the secret service will always be worrying about providing good protection, so I think he'd spend a good chunk of time at the White House. That said, as others have mentioned, there's nothing that requires him to be there, and I imagine he'd still spend a lot of time at his properties.