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‘Government plans measures to deliver affordable housing’ - Leaving Cert Home Economics - Question 3 - 2008
Question 3
‘Government plans measures to deliver affordable housing’. (Irish Times, 2006). (a) Give an account of the factors that affect an individual’s choice of housing... show full transcript
Worked Solution & Example Answer:‘Government plans measures to deliver affordable housing’ - Leaving Cert Home Economics - Question 3 - 2008
Step 1
Give an account of the factors that affect an individual’s choice of housing.
Answer
When evaluating the factors that influence an individual's choice of housing, we can consider three main areas: social factors, economic factors, and the availability of housing.
Social Factors
These refer to personal and familial considerations that guide housing decisions. Important elements may include:
- Family Size and Composition: Larger families often require bigger homes with more bedrooms.
- Lifestyle Needs: Some individuals may prefer having a garden or working from home, which influences the choice of location and property type.
- Accessibility to Amenities: The proximity to schools, public transport, recreational facilities, and healthcare can significantly impact housing choices.
Economic Factors
These incorporate the individual's financial situation and broader economic conditions. Key considerations include:
- Income: A stable and sufficient income level enables individuals to afford better housing options, including mortgages or rent.
- House Prices: Current market rates for buying or renting properties can limit choices significantly.
- Costs of Living: Related expenses, such as maintenance, utility costs, and property taxes, are also critical in deciding on housing.
Availability of Housing
The availability of suitable housing is crucial. This includes:
- Market Demand: The level of demand in the housing market can affect both prices and choices available to individuals.
- Types of Housing Available: The options might range from apartments, semi-detached houses, or detached homes, influenced by geographical location.
- Public vs. Private Housing: The availability of state-sponsored housing or social housing also plays a role in determining choices for lower-income individuals.
Step 2
Describe one saving scheme you would recommend to a young person who is saving to buy a car.
Answer
One effective saving scheme that I would recommend for a young person saving to buy a car is a dedicated savings account with a bank, such as AIB or Bank of Ireland.
- Name of Institution: A reputable bank like AIB or BOI ensures safety and stability.
- Type of Account: A regular savings account is ideal, which often provides interest on deposits while allowing access to funds with certain constraints.
- Risk: Traditional savings accounts are low-risk as funds are insured, making it a secure choice for young savers.
- Ease of Access to Funds: These accounts typically allow easy access through online banking, ATMs, or in-branch withdrawals during working hours.
- Interest Payable: While interest rates are modest, they offer a return on savings, encouraging regular deposits and helping the individual reach their target amount quicker.