Housing Tenure And Its Types
Housing Tenure And Its Types
In residential real estate, the term housing tenure is heavily used to determine the difference between a house from other types of housing in the industry. Though many may use a housing's physical form to distinguish it from other types of housing, experts suggest using its type of ownership or housing tenure to further learn of the difference between a type of housing from other types of residential real estates.
Housing tenure
According to many experts, such as the manyPhilippines properties experts, housing tenure is widely used in the industry to determine the type of ownership an individual has on any type of housing, may it be condominiums, townhouses, apartments, or the simple house. Some of the most frequently used types of housing tenure today include owner-occupancy and tenancy.
Owner-occupancy, or home ownership, is a type of housing tenure in which a person who lives in a home that he or she owns, while tenancy or leasehold estate, involves an ownership interest in land in which a lessee or a tenant holds real property by some form of title from a lessor or landlord.
However, over the course of its years, a number of new types of housing tenures were introduced in the market, which is used to further determine a type of housing from other types of housing. These includes the popular condominium, cooperative housing, and public housing.
Other types of housing tenure
According to manyPhilippines properties experts, these new types of housing tenures are modified forms of tenancy and owner-occupancy, which are made to determine a type of ownership a resident have in a type of housing. These new housing tenure include:
Condominium
One of the most popular type of housing in the Philippines and other countries today. The term condominium is not only used to determined a type of housing, but also a type of housing tenure. According to manyPhilippines properties experts, condominium is another type of housing tenure which is a modified form of owner-occupancy.
However, many have said that the housing tenure condominium is more likely a form of commonhold or strata title in which ownership of an apartment or house is assigned to an individual, but common areas such as hallways, heating system, elevators, exterior areas) are controlled by the homeowners' association. Fees are charged to the condo owners for maintenance of the common areas.
Cooperative housing
Cooperative housing is a type of housing tenure more commonly used for the ownership of a type of housing which is controlled by a legal entity, such as a corporation. Each shareholder in the legal entity is granted the right to occupy one housing unit, sometimes subject to an occupancy agreement, which is similar to a lease.
Public housing
Commonly known as government housing, this type of housing tenure is mostly used to relocate a squatters area to a new housing area. Being a government owned housing, these types are either given for free, or leased at a subsidised rate.
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