5.1 5.1.1 Name the type of housing ownership where a levy is paid each month - NSC Consumer Studies - Question 5 - 2019 - Paper 1

The levy is paid to the 'body corporate'.

1. A certified copy of the buyer's identification document or passport.
2. A proof of income, such as recent salary slips or banking statements for the last three months.
3. A copy of the purchase agreement or Deed of Sale.

A lease is a contract or agreement between a property owner (landlord) and the tenant, which outlines the terms of rental and use of the property.

Benefits of Renting Property:

1. Rent can be negotiated, allowing for a potentially lower monthly cost.
2. Tenants are not responsible for property maintenance costs, which can save money.
3. Renting can provide flexibility, allowing tenants to change locations easily without the commitment of purchasing.

Benefits of Buying Property:

1. Buying property often proves to be a more affordable long-term investment compared to renting.
2. Equity builds over time as the property's value potentially increases, making it a financial asset.
3. Homeowners have autonomy over their property, allowing for personal modifications or renovations.

1. Reversible door.
2. Auto door closing function.
3. Adjustable shelves and compartments.
4. Energy-efficient design.

1. No-frost options save time and human energy as there is no need to defrost the freezer regularly.
2. It ensures food remains in optimal condition, preventing freezer burn.
3. Cleaning is easier, as ice build-up is eliminated.

1. No interest is required, making the purchase more affordable over time.
2. Avoiding monthly payments allows for better budgeting.
3. A cash discount can often be negotiated, reducing the overall cost.

1. The total cost can be spread over a period, making payments more manageable.
2. A broken or faulty freezer can be replaced immediately without significant upfront costs.
3. The freezer can be used immediately while paying it off, enhancing convenience.