subject: Learning More About Owner Occupancy And Tenancy [print this page] Learning More About Owner Occupancy And Tenancy
Housing tenure is a term widely used by many real estate experts and professionals. This term is used to determine the type of ownership an individual have in any type of housing, such as apartments, condominiums, townhouses, and houses. And according to manyPhilippine real estate experts, the most common type of housing tenure used across the world is owner occupancy and tenancy.
Owner occupancy and tenancy
Housing tenure is used to determine the difference between one type of housing to the other, such as determining the difference between a condominium and an apartment (building), which are basically similar in physical form. According to manyPhilippine real estate experts, the most frequent forms are tenancy, in which rent is paid to a landlord, and owner occupancy.
Tenancy
Tenancy, or leasehold estate, is a type of housing tenure which involves a landlord who owns an apartment or building rents the right to occupy the unit to a tenant. Although tenancy mostly governs apartments, there are a number of housing types which also falls under tenancy, such as when an owner would rent out their house or condominium unit, which in this case would become a type of leasehold estate.
There are several benefits to tenancy, one is that tenancy is usually more affordable compared to owner occupancy. However, there are also several disadvantages to renting, such as tenants have to pay the landowner even though they are doing all of the agricultural work. In a sense, according to manyPhilippine real estate experts, it is a cycle where the tenant is never really able to become a landowner because they constantly have to pay the landowner, as well as other expenses.
Owner occupancy
Owner occupancy is a type of housing tenure which involves an occupier owning a house. The owner may also be called as an owner-occupier. Other than houses, this type of housing tenure may also govern condominums, apartments, to housing cooperatives (this, however, may involve special arrangements).
The advantage of owner occupancy from other type of housing tenure, particularly tenancy, is that home ownership gives occupants the right to modify the building and land as they please (subject to government, homeowner association, and deed restrictions).
This type of housing tenure also protects them from eviction, and creates a right to occupation which can be inherited. In some jurisdictions, it also confers certain legal rights with regard to abutters. The disadvantage, however, is that houses and the land they sit on are expensive, and the combination of monthly mortgage, insurance, and property tax payments is greater than monthly rental costs. For more information visit to our site at http://www.atayala.com
