Different Types Of Housing Tenure
Real estate encompasses a wide variety of definition
. In its simplest form, real estate is about the land along with improvements to the land, from building to houses as well as fences. In the broad definition of real estate, the term housing tenure is usually used in terms of residential real estate. So what is housing tenure?
In residential real estate, the legal arrangement for the right to occupy a dwelling is most commonly known as the housing tenure. According to
Real estate Philippines professionals, there are several types of housing tenure in today's current trends. Some of the most frequent types are owner occupancy and tenancy. While other types include housing cooperative, condominiums, public housing, squatting, and cohousing.
Types of Housing Tenure
The most frequent types of housing tenure are tenancy and owner occupancy. Tenancy typically involves a paid rent whereas owner occupancy is a person who lives in a house that he or she owns, hence the term home ownership. The home of the owner-occupier can range from condominums, apartments, to housing cooperatives.
Condominiums. Ownership of an apartment or house is assigned to an individual, but common areas such as hallways, heating system, elevators, exterior areas, and recreational areas, are controlled by the homeowners' association. Fees are usually charged to the condo owners for maintenance of the common areas.
Apartments. Apartments are a self-contained housing unit that occupies only part of a building. Apartments are usually similar with condominiums, particularly in terms of the building and the units. The differences, however, lies with its ownership. The same building developed as a condominium could actually be built someplace else as an apartment building. The differences is that condominiums are sold to individual owners whereas apartments are rented to individual tenants.
Housing Cooperatives. Ownership of the entire building or complex is held in common by a homeowners' association. Individuals have the right to occupy a particular apartment by mutual agreement but do not hold exclusive ownership to it.
Other forms of Housing Tenure
Other than owner occupancy and tenancy, housing tenure may also involve:
Public housing. Government-owned housing, whether provided for free or leased at a subsidised rate.
Squatting. Occupation by non-owner without permission by the owner, if any.
Timeshare. A modified form of cooperative, condominium, or leased house or apartment, with short-term residency right agreements tailored for vacations.
Cohousing. A variant of a condominium or cooperative with a high degree of interaction with neighbors in shared areas.
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by: Deirdre Gonzales
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