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demand for Housing

发布时间:2018-04-18
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Housing is a commodity. What does this statement mean? To understand we must first define the terms housing and commodity. Housing is a building or any other type of structure that provides shelter for people to live in, housing has also been defined as a permanent unit with services, therefore, an informal settlement without services is not considered a housing unit. A commodity is a physical unit that can be bought or sold as an investment. Therefore, housing can be seen as a commodity as people can invest in it to make money in the future.

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In urban areas a large percentage of the land use is zoned for housing and a lot of people's income is spent on housing. This money is used to purchase, finance, maintain, insure and repair the house over an extended period of time, this however has a downside as you may have the money to purchase the property but you may not be able to maintain it in the long run. This in turn will decrease the value of the house thus resulting in a loss of money.

There are many considerations to take into account when purchasing a property a few examples are heterogeneity, immobility, resilience, how much to spend determined by your income and if it is worth your while to move. These will be discussed below:

Heterogeneity: As a consumer you must first decide if you are going to purchase or rent a property, once this has been decided there are other factors to consider such as location and local amenities.

Immobility: Once a house has been constructed it is virtually impossible to remove as demolition costs are very high, building a house from the ground up can be seen as an uncertain investment and if problems arise these can be expensive to adjust. This sort of problem can result in a loss of money and a poor investment.

Durability: Future increases or decreases in the market can influence the design and must be taken into consideration when buying or building a house, you want to maintain the value of the house and possibly increase it to make sales in the future a possibility. Zoning is of importance in this category, buying a residential stand next to a commercial stand can decrease the value of your property drastically in the future.

Spending vs. Income: Many people will move away from the urban centres due to lack of income and the high prices in the cities, however, this is not always a good investment as this may increase your travel costs due to your distance from amenities and jobs. As the homeowner you need to weigh up the pros and cons of living in the city or on the outskirts of the city taking into account your monthly and annual income.

Worth your while: Moving homes is an expensive thing so most people will only move if there are low risks and high benefits. The need to move may also outweigh the cost issue greatly, foe example if you live in an unsafe area the need to move your family may be more important than the amount of money you will have to spend. Once again the homeowner must weigh up the pros and cons.

The demand for housing is always an issue especially in the public housing sector, the demand for housing is determined by the local amenities such as shops and schools and where the jobs are. This is usually around the city centre thus creating a great demand for housing in and around the city centre, the neighbourhood also plays a great role because if the neighbourhood has a bad reputation no-one will want to live there and will move into other neighbourhoods. Public housing will only be built if the value exceeds the construction costs but as discussed by Hamdi in housing without houses many public houses remain unlived in because the poor population cannot afford them and the middle-class population does not want to live in them. This becomes a problem as public housing has a stigma attached to them that they are only for the poor population and many people do not want to be seen living in these houses. Another problem is public housing is built away from the city centre due to their large scale developments so they need to be near major transportation routes which is not always possible thus increasing costs to the homeowners.

Public housing also often looks the same from Johannesburg to Cape Town which is undesirable to most people as they to want to express their individuality and take ownership of their homes much like the wealthy individual who designed their own homes. “a conscious effort to make new housing for low and moderate - income families more appealing to residents and their often wary neighbours.” (Wright 3:118). What needs to be taken into account is that what is suitable for one area is not necessarily suitable for another area as the climate is different and the needs of the people are different.

The supply of affordable homes in urban areas is a long term problem for the government and may never be eradicated as the size of the population increases at an alarming rate each year. Another issue fuelling the demand for ‘free' housing is the unemployment issue, if you don't have a job you cannot afford housing. Low income families face the same issue as they need to provide basic needs as well as housing and their low income does not allow this.

In the Northern Cape the demand for housing has increased with the population, however, the number of houses built has decreased in recent years. According the the human settlements department in the 2007/8 financial year 8 686 public houses were built but in the 2008/9 financial year only 4 914 public houses were built decreasing by almost half. This could be attributed to a lack of funding on the governments part or the global recession which affected all public sectors.

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In conclusion housing can be determined as a commodity but this is greatly influenced by the homeowner's situation. If you can afford the home and its upkeep then it is an investment for you but if you cannot the house becomes a burden on your finances and in the long run you lose more money than you spent. It was said there is “no ‘simple formula' for housing” (Wright 3:117) and this needs to be realised so public housing can be built to the satisfaction of the consumer thus eradicating wasted resources.

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