subject: Terms And Information About Residential Real Estates [print this page] The term real estate covers a lot of definition which usually involves the land as well as improvements of the land from buildings to fences and walls. Housing is also part of real estate which is usually known as residential real estate. The legal binding that gives an individual the right to live in any type of housing is known as housing tenure.
Housing tenure involves several types including owner occupancy, tenancy, housing cooperatives, condominiums, public housing, squatting, and cohousing. Owner occupancy and tenancy are among the most frequent types of housing tenure. According to Real estate Philippines specialists, owner occupancy, or home ownership, defines an individual who lives in a house that he or she owns whereas tenancy involves the payment of rent to a landlord. In tenancy, the term net lease is also very popular.
Net lease is when tenants share a form of housing, a condo unit or an apartment, and choose to split the cost of residency. Net lease can be very advantageous if tenants would want to save money in having a residence. This form is usually popular with students in which boarding houses provide them with temporary residence while saving more money on rent. The disadvantage, however, is having to share the residence with one or more tenants.
Types of Residential Real Estates
According to Real estate Philippines specialists, residential real estates involves many types of housing. There is the attached/multi-unit dwellings, semi-detached, single-family detached home, and portable dwellings. One of the most frequent types of housing is the attached and multi-unit dwellings. Attached and multi-unit dwellings involve:
Apartments - Apartments or flat is a self-contained type of housing in which an individual occupies a unit or a part of a building. Apartments are usually home to tenants in which rent is paid to the owner of the apartment. If an apartment consists many units for rent, then the building is more usually known as an apartment building.
Multi-family house - Often seen in multi-story detached buildings, where each floor is a separate apartment or unit.
Townhouses - Townhouses is a number of single or multi-unit buildings in a continuous row with shared walls and no intervening space. According to Real estate Philippines specialists, townhouses are one of the oldest form of housing next to squatting.
Condominiums - Condominiums are a type of housing in which an individual "owns" a unit in a building while facilities such as hallways, elevators, and recreational areas are jointly owned by all the unit owners in the building. Usually mistaken for an apartment, the only difference is that condominiums are owned individually while apartments are rented by tenants.
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