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. This entity is responsible for the management and maintenance of the common property in a sectional-title scheme.

To secure a home loan, a bank typically requires the following documents from a prospective homeowner:

1. A certified copy of the buyer's South African identity document or passport.
2. Proof of income, which may include recent salary slips or bank statements for the last three months.
3. A copy of the purchase agreement or sales agreement for the property being purchased.

A lease is a formal contract or agreement between a property owner (landlord) and a tenant. It outlines the terms under which the tenant can occupy the property, including the duration of the lease, amount of rent, and conditions related to the use of the leased premises.

Benefits of Renting Property

1. Flexibility: Renting allows individuals the freedom to move easily without the burden of selling a property.
2. Lower Responsibility: Renters typically are not responsible for major repairs and maintenance, which can lower living costs.
3. Initial Cost: Rent usually requires a smaller upfront financial commitment compared to the deposit and costs of buying a property.

Benefits of Buying Property

1. Investment: Purchasing property can be seen as an investment, as the value may appreciate over time.
2. Stability: Owning a home provides a sense of stability and security that renting cannot always offer.
3. Freedom to Modify: Homeowners are free to remodel or make changes to their property without needing landlord approval.

Some universal design features commonly found in freezers include:

1. Reversible door which allows for flexible installation.
2. Automatic door closing mechanism to prevent energy loss.
3. Adjustable shelves to accommodate different food items flexibly.
4. Easy-to-clean surfaces for user convenience.

A no-frost freezer offers several advantages:

1. Time-saving: It reduces the need for manual defrosting, saving time and effort.
2. Energy efficiency: Generally, no-frost models operate more efficiently, which can lead to lower energy bills.
3. Better preservation: These freezers maintain a consistent temperature, which helps preserve food quality.

Purchasing a freezer with cash can be beneficial for several reasons:

1. No interest costs: Paying in cash means avoiding interest payments associated with financed purchases.
2. No installment fees: There are no additional fees that can accumulate over time with credit arrangements.
3. Immediate ownership: Cash purchases allow for instant ownership and do not tie up the buyer in a long-term payment plan.

Purchasing through an instalment sales transaction presents benefits such as:

1. Paying over time: The cost can be spread out over several months, making it easier on a budget.
2. Affordability: Provides an opportunity to acquire a product that may otherwise be too expensive to pay for all at once.
3. Immediate usage: The item can be used immediately while paying for it in instalments.