Housing Tenure, Importance and Types
Housing Tenure, Importance and Types
In residential real estates, the term housing tenure is widely used among many experts and professionals. According to many real estate experts, as well as the manyPhilippine real estate professionals, housing tenure is used to determine the difference of one type of housing from other types of housing.
Although many of us would normally use its physical form to determine if a building or a house is a type of apartment or a house, many experts would normally suggest using the type of ownership its residents have in their house. This is very important in terms of differentiating houses from apartments.
Housing tenure
According to many experts, housing tenure is a term used to determine the type of ownership an individual or group of people have on any type of housing, may it be a condominium, apartment, townhouse, or a typical house. There are different types of housing tenure used in the industry, while owner occupancy and tenancy are the most frequently used.
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 a type of housing tenure in which a lessee or a tenant holds real property by some form of title from a lessor or landlord.
However, other than owner occupancy and tenancy, a number of new types of housing tenure was also formed and introduced to further determine a type of ownership an individual has on a new type of housing. According to manyPhilippine real estate experts, most of these new types of housing tenures were only modified forms of owner occupancy and tenancy.
New types of housing tenures
New types of housing tenures used in the industry today include, but not limited to:
Condominium: According to manyPhilippine real estate experts, condominium is type of commonhold or strata title (which is the type of housing tenure that embodies townhouses) in which an apartment or house is assigned to an individual, but common areas (e.g. hallways, heating system, elevators, exterior areas) are controlled by the homeowners' association.
Public housing: Commonly known also as government housing, this is a new type of housing tenure which is used for determining a type of housing which was given by the government either to the homeless or for the relocation of squatter's area. This is either provided for free or leased at a subsidised rate.
Cooperative housing: This type of housing tenure is mostly used to determine a type of apartment or townhouse which is owned by a legal entity, such as a corporation. Individuals have the right to occupy a particular apartment by mutual agreement but do not hold exclusive ownership to it.
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