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 is a positive or negative situation?

In many cultures, owning a house is given a lot more emphasis than renting one.
This
could be because owning a
home
is equated to the status of the individual in a society. I believe that
this
custom has more of a negative effect than a positive one as it mainly adds to the financial burden and stress of the individuals.
Firstly
, purchasing your own
home
is an expensive affair. Not everyone would be ready to take up the financial cost related to
this
.
However
, due to the expectation of meeting the social standards of living, many people are forced to take a step towards owning a
home
even when they are not financially ready for it. They go to the extent of taking a loan for 30-40 years just to be able to own a
home
in order to please society.
As a result
, the remaining of their lives are spent on repaying the loan which in itself would be financially draining. In fact, if
this
money would have been invested elsewhere it could have given larger profits that could have been useful for any retirement plan.
Additionally
, owning a
home
as a result
of succumbing to societal expectations, leads to a very stressful life. One is constantly worried about being able to repay the loan or recover the initial investment put into buying the house. Since people tend to spend away all their savings on their
home
, they wouldn’t have the luxury of taking a break or going on vacations which could have helped them in unwinding from the stressful life.
On the other hand
, if someone is purchasing a
home
not under the influence based on any customs or societal norms and has financially calculated all the implications of buying a
home
, it is fair to say that it could have a positive impact and can be considered as an investment for future purposes. To conclude, I feel that the negative impacts of buying homes due to the norms followed by certain countries largely outweigh the positive effects. The number of people being put through
this
unnecessary financial pressure and stress is alarmingly high due to
this
issue.
Submitted by gafoormegna 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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