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Consumer Studies > Housing > Flashcards

Housing Flashcards

(52 cards)

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1
Q

what are the three types of housing options

A

RENT
BUY
BUILD

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2
Q

5 factors to consider when choosing housing options

A 
lifestyle 
size of family
stage in family life cycle 
financial situation 
location
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3
Q

list 4 functions of an estate agent

A

documentation
queries
legal advice
mediation

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4
Q

what does RDP stand for

A

reconstruction and development program

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5
Q

what is a lease

A

rent agreement between a property owner and a tenant in which the tenant commits to remnting a property for a minimum period at fixed rental fee.

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6
Q

list 5 pieces of info in a lease

A

specifications of the property

signatures
occupation date
amount to be paid
date to pay

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7
Q

the owner usually pays for

A

water and waste

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8
Q

the tenant usually pays for

A

elec

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9
Q

list 4 advantages of renting

A
  • more flexible
  • less responsiblilities
  • less maintenance
  • cheaper in longrun
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10
Q

list 6 disavantages of renting

A
  • not legal owner
  • no long term financial perks
  • no asset growth
  • improvements you have done you wont financially beneift from.
  • no profit
  • rent increases
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11
Q

what are the 2 options when buying a house

A

full title/ free hold

sectional title

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12
Q

list 5 advantages of buying a full title house

A
  • security of tenure
  • no landlord
  • profit when selling
  • rent out section
  • run business from home
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13
Q

list 5 disadvantages of buying a full title house

A
  • long term financial commitement
  • mainteneance
  • bond repayment > rent
  • pay rates/ tax
  • capital gains tax
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14
Q

explain management plan of sectional title

A

each owner is a member of the body corporate who elects trustees, they are responsbile for day to day running

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15
Q

how is money to run complex found

A

levies paid

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16
Q

list 5 advantages to buying sectional titel

A 
more secure 
less maintenance 
common facilities 
closer to city
sectional title act safeguards you
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17
Q

list 5 disadvantages to buying sectional title

A 
abide by body corporate 
pay extra 
can't interefere 
limited outdoor space
levies rise with inflation
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18
Q

list 5 things included in mortgage

A 
loan amount 
interest 
life insurance 
homeowners insurance 
admin fees
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19
Q

list 5 things not included in mortgage

A 
transfer cost 
legal fees 
initiation fee 
admin fees 
property tax
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20
Q

what are the transfer costs

A

payment to the deeds office to register your name as the owner of house, done by a lawyer and this document is known as a deed of transfer

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21
Q

what is the initiation fee

Study These Flashcards
A

once off fee charged by bank for setting up home loan account

22
Q

what is the admin fee

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A

monthly fee paid to bank for admin of your home

23
Q

when is occupation rent paid

Study These Flashcards
A

case of owner living in house before its registered at deeds office

24
Q

council that ensures only reputable businesses are used

Study These Flashcards
A

national home builders registration council

25
4 advantages of building own house
choose how choose design choose components personal satisfaction
26
4 disadvantages of building own house
more expensive complicated takes long building codes
27
list 5 financial apsects of building
``` land labour building material municipal fees unforeseen expenses ```
28
list 6 things on a building contract
``` costs measurements completion date consequences list of specs copy of NHBRC certificate ```
29
what is a housing subsidy
grant when the gov. provides a beneficiary to low income groups in order to acquire housing.
30
list 6 thing in order to quallify for a housing subsidy
``` married/ living together single with dependants SA citizen / PR legally competant 21 + never owned house ```
31
where to apply for housing subsidies
provincial departmnet of human settlement or the municipality
32
individual subsidies
once off somebody to buy residential property for first time credit linked/ credit linked
33
project linked subsidy
built in units | run by municipality
34
consolidation subsidies
top up | improve structure
35
discount benefit scheme
tenants of state owned rental housing to promote ownership | receive discount on selling price - if less free
36
institutional subsidies
institutions want to provide rental to low income group. institution recieves subsidy
37
relocation assistance
homeonwers loands can't afford | assisted to buy more affordable house
38
rural subsidies
don't own land | property basis only
39
people's housing process | PHP
supports households that wish to enhance housing subsidy by building own home.
40
how can emploers help employees with housing
company owned houses rent out subsidize interest on home loan help with relocation offer guarantees to lenders on HL
41
what do employees have to do to recieve monthly housing subsidy
permanently employed contributing to pension fund must live in
42
list 8 factors to consider when purchasing household appliances
``` needs budget lifestyle available space surrounding environment new/used function of applicance universal design feature gas or electricity utilities ```
43
what act protects the relationship between the landlord and renter
rental housing act no. 50 1999
44
what is the maximum lenth a lease can be signed for
24 months
45
how many days notice to both the landlord and the tenant have to give one another
20 BD
46
what is another term for sectional title
condominium title
47
list 4 factors that will influence what bond repayment you can afford
income debt size of family health
48
what is transfer duty
gov. tac on property paid to have a house transfered into your name.
49
list 4 things you need to be able to apply for a home loan
proof of income forms ID offer to purchase
50
list the 4 steps in building a house
buy land house plan builder finance
51
what 4 things does a standard home builders warranty ensure the client with
- house is built within standards of the NHBRC - refer defects within 90 days - roof links within 12m - 5 years for structual integrity
52
list 6 factors to consider when shopping for HH appliances
``` your needs your budget lifestyle space avaibale surrounding environment function ```

Consumer Studies (5 decks)

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