Spotting The Difference Of Different Housing
Spotting The Difference Of Different Housing
Did you know that condominiums can also be apartments and apartments can also be condominiums? Did you also known that a typical house can be a condominium or a townhouse? And did you know that determining the difference of a type of housing today is not through its physical form but through its type of ownership?
Different types of housing in the market today have changed significantly. The type of condominiums or apartments or townhouses which we have known in the past have changed significantly because of the many new changes in demands that people wanted for their house. And the only way to determine the difference between a type of housing today from other types of housing is through its housing tenure.
Spotting the difference
Housing tenure refers to the type of ownership an individual or group of people have in any type of housing, from houses, and condominiums to townhouses and apartments. Popular example of using housing tenure to spot the difference of one house to the other are condominiums and apartment buildings.
According to many experts, such as from the many Philippine real estate companies, condominium buildings and apartment buildings are similar with each other, particularly with its physical form. Many have even said that these two are so similar that a building to be used as a condominium can also be used as an apartment. However, the difference is with its type of ownership.
Condominiums are mostly bought while apartments are normally rented or leased to tenants, and its ownership still remains with its landlord. However, according to many Philippine real estate experts, other than condominiums and apartments, a number of new condominiums have also taken the form of a simple house. So how can you determine the difference of a condominium and a house when both type of ownership involves buying its ownership?
Types of housing tenure
Some of the most frequent types of housing tenure are owner occupancy and tenancy. Tenancy are the type of housing tenure which mostly governs apartments, while owner occupancy have been modified a number of times to further determine a type of ownership for a specific type of housing. Some of its most recognized forms are:
Condominium: Though a term widely used to refer to a type of housing, it is also a term used in housing tenure which refers to the ownership of an apartment unit or a house while the rest of the condominium and its facilities are owned by all owners or by the homeowner association. According to many Philippine real estate experts, fees are also paid for the maintenance of all facilities found in the condominium.
Cooperative housing: This can be any type of housing from condominiums, apartments, townhouses, and house, which is owned by a legal entity, such as a corporation, in which each shareholder can occupy one unit, but not entirely own it.
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