Difference Through Housing Tenures
Difference Through Housing Tenures
Housing tenure is a term widely used by many real estate professionals to determine the difference between one type of housing from the other through its ownership. But why use its ownership in determining the difference of different types of housing if one could simple use its physical form to differentiate a house from a condo building?
According to many experts, including those from Philippine real estate companies, houses today have changed significantly due to the many changing needs of people, particularly in the Philippines in which Filipinos are now known for their fast-paced lifestyle.
Because of this, different types of housing have been changed and modified to accommodate the needs of Filipinos. Popular examples are condominiums and apartment buildings.
Importance of housing tenure
Apartment buildings were a very popular type of housing in the Philippines, particularly in the past because these types of housing are normally found in areas near business and commercial districts. The only disadvantage is that these are mostly rented. Many Filipinos have demanded a type of housing which can provide them with the permanence in residence. Because of this, condominiums were introduced.
Although different in ownership, both types of housing are similar in physical form. According to many Philippine real estate experts, a building to be used as a condominium can also be used as an apartment, and vice versa. It all depends on the type of ownership or housing tenure its residents have in their house or unit.
Different types of housing tenure
The most frequent types of housing tenure used in the industry are tenancy or leasehold estate, which is the type of housing tenure of apartments, and owner occupancy which involves the ownership of any type of housing such as townhouses, houses, condominiums, and apartments.
However, these types of housing tenure has been repeatedly modified to further determine a new type of housing from others. One example is the housing tenure condominium. Though a term used as a name of a type of housing, it is also a term in housing tenure which is used to determine a type of ownership in which a person owns a type of apartment or house. But according to many Philippine real estate experts, common areas such as hallways, elevators, and recreational facilities found in the condominium are jointly owned by all the owners.
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