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

In developed countries purchase of a home is considered to be an important task for an adult person. It is often thought to be a bad idea to rent an apartment rather than buying it. I will be discussing the reason for it and the disadvantages of having a house.

To begin

with, living in a house for a considerable duration will make an attachment to the family.

Although

renting a home can provide more options to choose from different types of accommodation, having a residence will have emotional relation to the elderly and children. Old age people and children prefer to live in a place where they know the neighbours and locality.

for example

, If they change their location, they found themselves lost. It will take time for them to settle in a new environment and can cause mental illness and loneliness.

Also

, renting a house will cause a financial burden on the owner.

However

, buying a residence for themselves will cause an economical effect on the pocket. As a person will require a loan for buying it, it will end up giving more money for the duration of the period than renting.

For instance

, rent is paid monthly from the salary, the loan is returned with some down payment and

then

EMIs monthly. So, it will require a large chunk of money

initially

which is not always available with buyers. In conclusion, nations consider having a home beneficial for their citizens.

This

will make elderly people and children happy, but it causes a large burden on the owner.