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'Buying a home is one of the most significant financial decisions you will make in your lifetime.' (www.myhome.ie) (a) Discuss the factors which influence individual and family housing choices - Leaving Cert Home Economics - Question 4 - 2012
Question 4
'Buying a home is one of the most significant financial decisions you will make in your lifetime.' (www.myhome.ie) (a) Discuss the factors which influence individu... show full transcript
Worked Solution & Example Answer:'Buying a home is one of the most significant financial decisions you will make in your lifetime.' (www.myhome.ie) (a) Discuss the factors which influence individual and family housing choices - Leaving Cert Home Economics - Question 4 - 2012
Step 1
Discuss the factors which influence individual and family housing choices: economic factors
Answer
Economic factors play a crucial role in the housing choices made by individuals and families. These include the cost of housing, which is influenced by market demand and supply. The availability of financial assistance, interest rates, and local infrastructure are key considerations. Additionally, the economic stability of a region can determine the housing market’s robustness, impacting both the types of housing available and their affordability.
Step 2
Discuss the factors which influence individual and family housing choices: national housing policy
Answer
National housing policy shapes the decision-making process for housing through regulations, subsidies, and programs promoting affordable housing. These policies may include initiatives for sustainable community development, guidelines for urban planning, and support for rural housing. By establishing housing standards and availability, national policies directly influence individual choices regarding where and how to buy a home.
Step 3
Discuss the factors which influence individual and family housing choices: trends in housing developments
Answer
Trends in housing development reflect societal preferences and market demands. Recent trends may include an increase in eco-friendly housing, multi-family developments, and the rise of smart home technologies. Additionally, urbanization influences trends, pushing developers to create housing that caters to urban living, while rural developments cater to those seeking space and nature. Understanding these trends helps families make informed decisions regarding their housing investments.
Step 4
Name and describe one type of mortgage available to potential house buyers.
Answer
One type of mortgage available to potential house buyers is the 'Annuity mortgage.' In this arrangement, the borrower pays a fixed repayment amount, which includes both principal and interest, over a set term. The repayment structure ensures that the entire loan will be paid off by the end of the term. This type of mortgage provides stability for budgeting as the payments remain constant, allowing buyers to plan their finances efficiently.
Step 5
Name and give details of one Local Authority scheme available to people in need of housing.
Answer
One Local Authority scheme available for individuals in need of housing is the 'Tenant Purchase Scheme.' This program allows tenants to purchase the council house they are living in after a minimum rental period, usually set at one year. The house can be bought at a discounted price, which is determined based on the market value minus a specified percentage discount for each year of tenancy. This scheme assists eligible tenants in achieving homeownership while providing a pathway out of social housing.