Living in your own
home
instead
of a rental property, is thought important in few parts of the world. There are a number of reasons behind
this
culture and
this
essay will discuss a few of them. In my opinion,
this
is a negative
situation
and
this
essay will
further
elaborate on my viewpoint.
As far as the popularity of
home
ownership in a few countries is concerned, there are two main reasons responsible for
this
situation
.
To begin
with, owning a
home
has greater economic benefits. To put it differently, even though renting a house may appear cheaper than purchasing one on loan, the latter option proves to be more beneficial on financial grounds in the long run.
For instance
, even if a
person
has to pay an EMI to the bank, which might be higher than the rate of rents, each of his instruments, acts as an investment, making him the owner of a property after a few years.
Furthermore
, owning a
home
gives a lot of freedom to its dwellers.
Although
there might be certain restrictions while living in a society or a building, overall a
person
is freer to execute his will. As a proof, a tenant needs the permission of the landlords even to drill a hole in the wall, but
this
is not the case in your personal property.
Despite of all these merits, in my opinion,
this
is a negative
situation
and has many negative aspects.
Firstly
, it hinders personal growth. To explain
further
, as in today’s world professional growth requires a
person
to migrate to different places, owing an expensive house in a particular location may act as an obstruction. For an illustration, after getting promoted a
person
me be required to relocate to another state or even country.
Moreover
, renting a house is more convenient rather than maintaining your own. Since most of the maintenance and almost all of the repair work is the liability of the landlord, the tenant need not bother about these.
To conclude, economic prosperity and freedom of the will are the main reasons resulting in the popularization of
home
ownership in few countries.
However
, because of certain demerits like, acting as a hurdle in growth and adding to the load of responsibilities, in my opinion it is a negative
situation
.