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. This body is responsible for managing the common property and ensuring that the services and upkeep of the community areas are maintained.

The bank typically requires the following documents to grant a home loan:

1. A certified copy of the applicant's South African identity document or passport.
2. Proof of income, such as recent salary slips or bank statements for the last three months.
3. A copy of the purchase agreement to indicate the property's details and the sale conditions.

A lease is a contract or agreement between a property owner (landlord) and a tenant, outlining the terms under which the tenant can occupy and use the property, including the duration and rental payments.

1. Flexibility: Renting provides individuals with the ability to move without the burden of selling property, making it ideal for those who frequently relocate.
2. Lower Upfront Costs: Renting typically requires less capital upfront compared to buying, as tenants usually pay a deposit and initial rent without additional costs like transfer fees.
3. Maintenance Responsiveness: As a renter, the landlord is generally responsible for property maintenance, reducing the tenant's responsibilities and unexpected financial burdens.

1. Investment Value: Purchasing property can be a good long-term investment as property values tend to appreciate over time, contributing to personal wealth.
2. Equity Building: As homeowners make mortgage payments, they build equity in the property, which can be accessed for loans or sales in the future.
3. Stability: Owning a home provides stability in living conditions without the risk of sudden rent increases or eviction, creating a sense of belonging.

1. Reversible door: Allows for flexible placement in kitchens or workspaces.
2. Automatic door closing function: Ensures the door seals properly, maintaining temperature inside.
3. Adjustable shelves: Offers customizable storage options based on user needs.
4. Energy-efficient design: Reduces energy consumption and cost.

1. Saves time as it eliminates the need for regular defrosting, freeing up routine maintenance.
2. Maintains a consistent temperature, which can help extend the life of stored items.
3. Energy-efficient, as no-frost models typically use less energy than traditional freezers.

1. No interest payments, leading to overall cost savings compared to financing options.
2. More straightforward purchase process without credit checks or loan agreements.
3. Immediate ownership allows for immediate use without awaiting financing approval.

1. Allows for manageable payments over time, making a larger purchase more affordable.
2. Avoids the need for large upfront costs, making it easier for individuals to acquire essential appliances.
3. Consumers can enjoy the use of the freezer while paying for it, adding convenience to their purchasing experience.