Different Types of Housings Tenures in the Philippines

Different Types of Housings Tenures in the Philippines

There are different types of popular housings in the Philippines today, are each are governed by different housing tenures. So what is a housing tenure, and what are the different types of housing tenures that governs a specific type of housing?

What is Housing Tenure?

Housing tenure is a term used to define a type of housing through its ownership. In the Philippines, there are different types of popular housing tenures, and most of them are governed by tenancy and home-ownership.

Different Types of Housing Tenure

According to many Philippine real estate experts, the basic types of housing tenure are home-ownership and tenancy, which governs the ownership of houses and renting an apartment unit respectively. Most types of housings in the Philippines that fall under home-ownership are the typical types of houses, condominiums, and townhouses, while tenancy may either be all of these types of housings, or an apartment unit. The only difference is the arrangement.

However, there are several new types of housing tenures which were introduced to better define a type of housing, differentiating it from other types of housings. Here are several popular types of housing tenures in the Philippines:

Condominium

Other than a name for a type of housing, condominium is a type of housing tenure which defines a type of housing in which ownership of an apartment unit or a house is assigned to an individual or group of people, but common areas with the compound or complex such as hallways, cooling systems, elevators, as well as amenities such as parks, playgrounds, swimming pools, and sports complexes, are jointly owned.

According to Philippine real estate experts, one unique feature about the housing tenure condominium is its condo fees. Condo fees are charged to every condominium owners for the maintenance of common areas as well as its security.

Cooperative

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. Each shareholder in the legal entity is granted the right to occupy one housing unit, sometimes subject to an occupancy agreement, which is similar to a lease.

Public Housing

A very common type of housing tenure in the Philippines, public housing is a type of housing tenure in which government-owned houses or units are given freely or leased at a subsidized rate. According to many Philippine real estate experts, these types of housings are popular used to relocate a squatters area to a more suitable location. For more information visit to our site at http://www.avidaland.com

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