The Importance Of Housing Tenure
In residential real estates, the term housing tenure is very important
, particularly for differentiating an apartment from a normal house. According to many residential
Real estate Philippines experts, that only way to differentiate a house or an apartment is through its ownership, which is its housing tenure.
Condominium buildings are similar with apartment buildings. It is said that the same building made to be a condominium can also be used as an apartment. So how can one differentiate if this building is an apartment or a condominium? Experts typically use the term housing tenure to determine if the building is a condominium or an apartment.
The difference is said to be with its ownership. While apartments are normally leased or rented to tenants, condominiums are usually owned individually while other facilities are jointly owned. So what is housing tenure?
What is housing tenure?
Housing tenure is a term used by experts to determine the type of ownership an individual or group of people have in any type of residential real estate.
Some of the most frequently used types of housing tenure are owner occupancy and tenancy. According to a number of residential
Real estate Philippines experts, owner occupancy denotes a type of ownership in which a person who lives in a house that he or she owns. Tenancy, on the other hand, is a type of residence 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 terms have also been developed to determine new types of residential real estates. These include cooperative housing, cooperative housing, condominiums, public housing, as well as squatting.
Cooperative housing involves a type of ownership in which 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. Condominiums are a type of apartment or house which is assigned to an individual, but common areas are controlled by the homeowners' association.
Public housing, on the other hand, is mostly known by residential
Real estate Philippines experts as government housing. These types of housing are normally used by the government to relocate people from a squatter's area. Squatting, in this case, is a type of housing tenure in which an individual or a group of people occupies a type of residential real estate without the permission of its owner.
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by: Deirdre Gonzales
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