In some countries owing a home rather than renting one is very important for people. Why might t this be the case? Do you think this is a positive or negative situation?

Living in your own home
instead
of living in a rented
property
is highly appreciated in several countries in the world. Some cultures have given the priority to the requirement of
house
ownership while emphasizing the importance of financial assets.
However
, several demerits of owning a
house
can be identified. Both merits and demerits of owning a
house
and my viewpoint will be elaborated in the essay below. As far as the positive
impacts
of owning a
house
are concerned, it is more financially efficient when compared to living in a rented
house
.
Although
paying monthly rentals for rented homes seems to be more economically successful, it truly is not financially efficient in the long term. Despite the initial difficulties of investing in a new
property
in the middle of financial barriers, owning a home is a powerful investment on a long term basis.
As a result
,
individuals
are
finally
able to own
property
.
Moreover
, living in your own
house
allows you maximum freedom whereas in a rented
house
the tenant has to take permission from the landlord even for a tiny requirement.
Furthermore
, several negative
impacts
of owning a
house
can be identified. In modern society,
individuals
have to migrate due to the professional requirements in their careers.
Therefore
, renting a
house
appears to be a more convenient option rather building a new
house
. With regard to financial commitments,
individuals
have to sacrifice money that can be used for their career development opportunities.
Moreover
, spending money to invest in a
property
is a tough hurdle for a person who is paid a low salary.
However
, maintaining your own
property
costs a lot of money.
As a result
,
individuals
would suffer from a heavy financial burden. In conclusion, several cultural backgrounds highly recommend owning a
house
whereas the younger generation points out several demerits of living in an own
house
especially with regard to career developments.
Therefore
, the negative
impacts
of living in your own
house
outweigh the positive
impacts
.
Submitted by rashmi30lk on

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Topic Vocabulary:
  • ownership
  • renting
  • importance
  • sense of security
  • stability
  • financial investment
  • asset
  • customize
  • decorate
  • belonging
  • community
  • potential
  • future generations
  • long-term
  • cost advantage
  • control
  • living space
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