Housing Flashcards
what are the three types of housing options
RENT
BUY
BUILD
5 factors to consider when choosing housing options
lifestyle size of family stage in family life cycle financial situation location
list 4 functions of an estate agent
documentation
queries
legal advice
mediation
what does RDP stand for
reconstruction and development program
what is a lease
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.
list 5 pieces of info in a lease
specifications of the property
signatures
occupation date
amount to be paid
date to pay
the owner usually pays for
water and waste
the tenant usually pays for
elec
list 4 advantages of renting
- more flexible
- less responsiblilities
- less maintenance
- cheaper in longrun
list 6 disavantages of renting
- not legal owner
- no long term financial perks
- no asset growth
- improvements you have done you wont financially beneift from.
- no profit
- rent increases
what are the 2 options when buying a house
full title/ free hold
sectional title
list 5 advantages of buying a full title house
- security of tenure
- no landlord
- profit when selling
- rent out section
- run business from home
list 5 disadvantages of buying a full title house
- long term financial commitement
- mainteneance
- bond repayment > rent
- pay rates/ tax
- capital gains tax
explain management plan of sectional title
each owner is a member of the body corporate who elects trustees, they are responsbile for day to day running
how is money to run complex found
levies paid
list 5 advantages to buying sectional titel
more secure less maintenance common facilities closer to city sectional title act safeguards you
list 5 disadvantages to buying sectional title
abide by body corporate pay extra can't interefere limited outdoor space levies rise with inflation
list 5 things included in mortgage
loan amount interest life insurance homeowners insurance admin fees
list 5 things not included in mortgage
transfer cost legal fees initiation fee admin fees property tax
what are the transfer costs
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
what is the initiation fee
once off fee charged by bank for setting up home loan account
what is the admin fee
monthly fee paid to bank for admin of your home
when is occupation rent paid
case of owner living in house before its registered at deeds office
council that ensures only reputable businesses are used
national home builders registration council
4 advantages of building own house
choose how
choose design
choose components
personal satisfaction
4 disadvantages of building own house
more expensive
complicated
takes long
building codes
list 5 financial apsects of building
land labour building material municipal fees unforeseen expenses
list 6 things on a building contract
costs measurements completion date consequences list of specs copy of NHBRC certificate
what is a housing subsidy
grant when the gov. provides a beneficiary to low income groups in order to acquire housing.
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
where to apply for housing subsidies
provincial departmnet of human settlement or the municipality
individual subsidies
once off
somebody to buy residential property for first time
credit linked/ credit linked
project linked subsidy
built in units
run by municipality
consolidation subsidies
top up
improve structure
discount benefit scheme
tenants of state owned rental housing to promote ownership
receive discount on selling price - if less free
institutional subsidies
institutions want to provide rental to low income group. institution recieves subsidy
relocation assistance
homeonwers loands can’t afford
assisted to buy more affordable house
rural subsidies
don’t own land
property basis only
people’s housing process
PHP
supports households that wish to enhance housing subsidy by building own home.
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
what do employees have to do to recieve monthly housing subsidy
permanently employed
contributing to pension fund
must live in
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
what act protects the relationship between the landlord and renter
rental housing act no. 50 1999
what is the maximum lenth a lease can be signed for
24 months
how many days notice to both the landlord and the tenant have to give one another
20 BD
what is another term for sectional title
condominium title
list 4 factors that will influence what bond repayment you can afford
income
debt
size of family
health
what is transfer duty
gov. tac on property paid to have a house transfered into your name.
list 4 things you need to be able to apply for a home loan
proof of income
forms
ID
offer to purchase
list the 4 steps in building a house
buy land
house plan
builder
finance
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
list 6 factors to consider when shopping for HH appliances
your needs your budget lifestyle space avaibale surrounding environment function
