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

In few nations, it’s very important for individuals to own a
house
instead
of renting it. The primary reason for
this
is it shows the social status and I think it is a negative development because purchasing a
house
required a lot of money. Homeownership is more preferable over rent as it enhances the status in society.
This
is to say that rate of the properties in many states is very high, so everyone could not afford
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a house
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house
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houses
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in the major cities.
Therefore
,
people
who have their own houses are considered to be rich and have a reputation in
community
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the community
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.
For example
, in India, Delhi the prices of one BHK
flats
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flat
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are in millions, so the men and women who are owners of those have
high
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a high
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social reputation. The main reason why I think it is a negative development is that for possessing a property,
people
need
huge
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a huge
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amount at the initial stage.
This
implies that for purchasing a
house
a lot of money is required which enforce
people
to take loans from banks.
As a result
, they need to pay an extra amount as interest to banks
then
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than
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their actual price of the
house
.
For instance
, in India, many
people
have property loans to pay which causes an extra financial burden on them. In conclusion, in some parts of the world,
people
like to have their own home
then
renting because it gives them
social
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a social
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position, and in my
opinion
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,opinion
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it is a negative process because to become an owner of a property they need a huge amount at the starting level.
Submitted by sonamrohilla on

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