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What is housing tenure? Housing tenure is a term widely used in the real estate industry to help in determining the different between a type of house from other types of housing. Although many may consider that the difference between each type of housing can be easily determined through its physical form, such as a house from a building, experts would normally suggest that a house and a building can be anything from condominiums and apartments, to government housing and cooperative housing. Difference through ownership How can you determine the difference between a condominium building from an apartment building? Would you differentiate it through their physical form? According to many professionals, such as the many Philippine real estate experts, a building to be used as an apartment can also be used as a condominium, and vice versa. This means, there isn’t any differences between a condominium building and an apartment building, in terms of physical form. The difference, however, is with its ownership. Apartments are normally rented or leased to tenants, while the ownership still remains with its landlord, whereas condominium units are individually owned by its residents. The difference between condominiums and apartments were determined through its ownership, or type of housing tenure. Other than condominiums and apartments, housing tenure is also important to determine the difference of other types of housing, such as houses and apartments, condominiums and houses, townhouses and apartments, and so on. Different recognized types of housing tenure in today’s market There are a number of types of housing tenure used in the real estate industry today. According to many Philippine real estate experts, some of the most frequently used types of housing tenures are tenancy, which is the type of ownership that governs apartments, and owner occupancy, which is the type of housing tenure used for most houses, condominiums, townhouses, and many other types of housing. Other than tenancy and owner occupancy, a number of new housing tenures were also introduced in the market as a way to further determine the new types of housing available in the market. These housing tenures include: Condominium Though a name used for a type of housing, the term is also used in housing tenure, which is a type of ownership in which ownership of an apartment or house is assigned to an individual, but common areas (e.g. hallways, heating system, elevators, exterior areas) are controlled by the homeowners' association. Cooperative housing This type of housing involves a corporation that owns real estate, consisting of one or more residential buildings. According to many Philippine real estate experts, 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, these new types of housing tenure is used for a type of apartment or house which is given or rented at a subsided rate to lesser people. These types of housing tenure is also used for relocating a squatter’s area to other location. For more information visit to our site at http://www.atayala.com
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