Most experts and professionals doesn't look at the appearance of a house to determine if it is really a house. In which case, these professionals look at what type of ownership does a resident have over its residence. So why is that?
There are many types available in the Philippines today. There are townhouses, apartments, condominiums, and the typical house. Although these types of houses are different in both appearance and usual locations, the real difference falls with its ownership. Most experts and professionals doesn't look at the appearance of a house to determine if it is really a house. In which case, these professionals look at what type of ownership does a resident have over its residence. So why is that?
One example is that a typical house can be owned by a resident for his/her own or it can be rented or leased to tenants by its owner, which in turn would then be called an apartment. Another example is with condominiums and apartments. Because of its similarities, a building to be used as a condominium can be used as an apartment, and vice versa. According to many Real estate Philippines experts, the only way to determine the difference is with its ownership. And this is commonly known as housing tenure.
What is housing tenure?
Housing tenure is a term used to determine the type of ownership does a person or group of person have for a type of residence, such as a house or a condominium. The most frequent forms are tenancy, in which rent is paid to a landlord, and owner occupancy. Each of these types of ownership has their own advantages and disadvantages.
Being able to own your own house gives you the right to to modify the building and land as you please, however, these may be subject to government, homeowner association, and deed restrictions. Another advantage is that it protects you from eviction. However, according to Real estate Philippines experts, 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.
Tenancy or leasehold estate has the advantage of allowing people to find a suitable type of residence without having to invest too much on it. The disadvantage, however, is that these types of ownership doesn't protect its residents from eviction. Another is that the landlord still owns these houses, and that modifications are still governed by the landlord's permission.
Other types of housing tenure
According to Real estate Philippines experts, other than tenancy and owner occupancy, housing cooperative, condominiums (individually parceled properties in a single building), public housing, squatting, and cohousing are also types of housing tenure.
There are many types available in the Philippines today. There are townhouses, apartments, condominiums, and the typical house. Although these types of houses are different in both appearance and usual locations, the real difference falls with its ownership. Most experts and professionals doesn't look at the appearance of a house to determine if it is really a house. In which case, these professionals look at what type of ownership does a resident have over its residence. So why is that?
One example is that a typical house can be owned by a resident for his/her own or it can be rented or leased to tenants by its owner, which in turn would then be called an apartment. Another example is with condominiums and apartments. Because of its similarities, a building to be used as a condominium can be used as an apartment, and vice versa. According to many Real estate Philippines experts, the only way to determine the difference is with its ownership. And this is commonly known as housing tenure.
What is housing tenure?
Housing tenure is a term used to determine the type of ownership does a person or group of person have for a type of residence, such as a house or a condominium. The most frequent forms are tenancy, in which rent is paid to a landlord, and owner occupancy. Each of these types of ownership has their own advantages and disadvantages.
Being able to own your own house gives you the right to to modify the building and land as you please, however, these may be subject to government, homeowner association, and deed restrictions. Another advantage is that it protects you from eviction. However, according to Real estate Philippines experts, 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.
Tenancy or leasehold estate has the advantage of allowing people to find a suitable type of residence without having to invest too much on it. The disadvantage, however, is that these types of ownership doesn't protect its residents from eviction. Another is that the landlord still owns these houses, and that modifications are still governed by the landlord's permission.
Other types of housing tenure
According to Real estate Philippines experts, other than tenancy and owner occupancy, housing cooperative, condominiums (individually parceled properties in a single building), public housing, squatting, and cohousing are also types of housing tenure.
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