In Some countries, owning a home rather than renting one is very important for people. Why might this be the case? Is this a positive or negative development?

Buying a house is the most preferable choice in many countries over paying

rent

. Some

people

reckon that

this

could be a better option for their future to purchase a home

instead

of paying

rent

to the owner.

People

do

this

for an investment purpose which would help them to reduce their expenses on rented accommodation. I believe that

this

is a negative development because it reduces the freedom of

people

.

To begin

with,

people

realize the importance of owning a home anywhere due to a spike hike in the cost of household rents where most

people

have started doing investment on it to save their rental amount. Another reason to do investment here is that it is providing them waiver off while paying income tax, which gives a maximum of 8% tax benefits.

Furthermore

, after buying a home,

people

feel that it’s a sign of success, hard work and the biggest achievement in their career.

Although

, tenants have a huge burden because their large amount goes on

rent

as the report published by the world development organization

last

month. Moving ahead,

this

will

also

have a negative effect that if a person has purchased a house

then

their monthly loan instalments have been started and they would not live their actual lifestyle due to financial burden on them.

Last

but not the least, freedom is a key to success in anyone life but with some precautions.

In other words

,

people

should buy many houses but they need to set their approximate expenditure

accordingly

till the loan gets cleared. In conclusion, it is absolutely correct that

people

are more inclined towards buying a house in place of paying

rent

but

this

should give a positive result if they don’t compromise with their daily lifestyle and maintain their financial status.