Learning The Importance Of Housing Tenure

Learning The Importance Of Housing Tenure

There are many types of housing across the world, and the best way to distinguish one type of housing from others is through its type of ownership, or what professionals call it as housing tenure. Housing tenure is a very important term used by many real estate experts and professionals to determine the difference of one house to the other.

Why housing tenure is important

One popular example why housing tenure is very important is by differentiating condominiums from apartments (building). According to manyPhilippine real estate experts, the same building to be used as a condominium can also be used as an apartment, and vice versa. The only way to differentiate a condominium from an apartment (building) is through its housing tenure.

While condominium units are individually owned, apartment units are normally rented or leased by its landlord to tenants. This is one of the now many types of housing tenure, which is tenancy while the other is owner-occupancy, which is the type of housing tenure that governs most owned types of housing.

Types of housing tenure

However, Because of the many new types of housing today, a number of new housing tenure was introduced to further differentiate a type of housing from other types of housing. According to many Philippine real estate experts, other than owner-occupancy and tenancy, new types of housing tenure is also used in the industry. These include:

Condominium: Though normally used as a name of a type of housing, this term is also used as a type of housing tenure which a type of ownership in which ownership of an apartment or house is assigned to an individual, but common areas such as hallways, elevators, and recreational facilities, are controlled by the homeowners' association.

Cooperative housing: This involves any legal entity, such as a corporation, that owns real estate, consisting of one or more residential buildings. 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: Also known as government housing, this is a type of housing tenure which involves any type of housing, from apartment to townhouses, which is owned by the government. This may be provided for free or leased at a subsidised rate.

Squatting: According to manyPhilippine real estate experts, this is one of the most common types of housing tenure across the world. Almost every country, such as in the Philippines, are known for this type of housing tenure. This type involves occupation by non-owner without permission by the owner.

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