Importance Of Housing Tenure
In every type of residential real estate, there is a term that professionals would like to call as housing tenure
. Housing tenure is a term used by professionals to determine the type of ownership that an individual or group of people have on any type of housing. The term is also used to determine if a type of housing is an apartment or privately owned. One popular example is apartments and condominiums.
Importance of housing tenure
Apartments and condominiums are physically similar. According to many
Real estate Philippines experts, a building to be used as a condominium could also be used as an apartment. The only difference is with its housing tenure or ownership. Condominium units are individually owned, while the rest of the building or compound are jointly owned. Apartments, on the other hand, are usually rented or leased to tenants. This is the reason why housing tenure is very important.
Different types of housing tenure
According to
Real estate Philippines experts, the most common type of housing tenure are tenancy and owner occupancy. Tenancy involves rent paid to a landlord while owner occupancy involves an individual or a group owning a type of housing, may it be a house, townhouse, or a condominium. However, other than tenancy and owner occupancy, housing tenure also involves other types of ownership. These involve:
Cooperative housing - This type housing tenure involves an 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.
Condominium - Although also a type of owner occupancy, this type of housing tenure is also called as commonhold and strata title. This involves an apartment or house is assigned to an individual, but common areas and facilities are controlled by the homeowners' association. Fees are charged to the condo owners for maintenance of the common areas.
Public housing - Also known as government housing, these types of housing tenure are either provided to people for free or leased at a subsidised rate. According to
Real estate Philippines experts, these types of housing tenure are used when the government would relocate residents of a squatters area to another area.
Squatting - One of the first type of housing tenure, according to many professionals, this type involves a group of individual occupying a land or an abandoned house or building without the landlord's permission.
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by: Deirdre Gonzales
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