The legal arrangement for the right to occupy a dwelling is known as the housing tenure. The most frequent forms are tenancy, in which rent is paid to a landlord, and owner occupancy. Mixed forms of tenure are also possible. But what else do we know about these?
In residential real estate, terms such as apartments condominiums, townhouses, and the single-family detached home are used to determine a living space may it be a unit or a whole house. Although these terms are different from each other, there is one term that is used in almost any form of residential real estate. And this is the term housing tenure. So what is a housing tenure?
What is housing tenure?
Housing tenure is a term used to define a form of ownership to a residential real estate. Types of housing tenure include owner occupancy, tenancy, housing cooperative, condominiums (individually parceled properties in a single building), public housing, squatting, and cohousing. According to many Real estate Philippines experts, the most common types of housing tenure around the world is owner occupancy and tenancy.
Owner Occupancy
Owner occupancy is a term used if the legal binding of a person to a real estate is permanent, which means a house that he or she owns. There are many pros and cons of owner occupancy. One pro is that home ownership gives occupants the right to modify the building and land as they please, protects them from eviction, and creates a right to occupation which can be inherited.
One the con's side, houses and lands they sit on are expensive, and the combination of monthly mortgage, insurance, and property tax payments is greater than monthly rental costs. Buildings also gain and lose substantial value due with real estate market fluctuations, and selling a property can take a long time, depending on market conditions. According to many Real estate Philippines experts, this can make home ownership more constraining if the homeowner intends to move at a future date.
Tenancy
Tenancy or leasehold estate is an ownership interest in land in which a lessee or a tenant holds real property by some form of title from a lessor or landlord. Leasehold is a form of property tenure where one party buys the right to occupy land or a building for a given length of time. Although tenancy is advantageous compared to owner occupancy in terms of cost, there have also been several adverse effects of tenancy.
Many adverse effects come from this system. Tenants have to pay the landowner even though they are doing all of the agricultural work. In a sense, 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. According to many Real estate Philippines experts, since he is ultimately owner of the land, the landowner can also have a say in what the tenant uses the land for or what he can or cannot grow.
In residential real estate, terms such as apartments condominiums, townhouses, and the single-family detached home are used to determine a living space may it be a unit or a whole house. Although these terms are different from each other, there is one term that is used in almost any form of residential real estate. And this is the term housing tenure. So what is a housing tenure?
What is housing tenure?
Housing tenure is a term used to define a form of ownership to a residential real estate. Types of housing tenure include owner occupancy, tenancy, housing cooperative, condominiums (individually parceled properties in a single building), public housing, squatting, and cohousing. According to many Real estate Philippines experts, the most common types of housing tenure around the world is owner occupancy and tenancy.
Owner Occupancy
Owner occupancy is a term used if the legal binding of a person to a real estate is permanent, which means a house that he or she owns. There are many pros and cons of owner occupancy. One pro is that home ownership gives occupants the right to modify the building and land as they please, protects them from eviction, and creates a right to occupation which can be inherited.
One the con's side, houses and lands they sit on are expensive, and the combination of monthly mortgage, insurance, and property tax payments is greater than monthly rental costs. Buildings also gain and lose substantial value due with real estate market fluctuations, and selling a property can take a long time, depending on market conditions. According to many Real estate Philippines experts, this can make home ownership more constraining if the homeowner intends to move at a future date.
Tenancy
Tenancy or leasehold estate is an ownership interest in land in which a lessee or a tenant holds real property by some form of title from a lessor or landlord. Leasehold is a form of property tenure where one party buys the right to occupy land or a building for a given length of time. Although tenancy is advantageous compared to owner occupancy in terms of cost, there have also been several adverse effects of tenancy.
Many adverse effects come from this system. Tenants have to pay the landowner even though they are doing all of the agricultural work. In a sense, 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. According to many Real estate Philippines experts, since he is ultimately owner of the land, the landowner can also have a say in what the tenant uses the land for or what he can or cannot grow.
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