Having an apartment which you own is really a blessing for some nations. Some communities feel fortunate to have their own land while others opt for renting it. I believe that living in a self-owned
home
gives a feeling of stability, comfort and security. It depends upon various factors to make a judgment whether it is a positive or negative
situation
which
this
essay will discuss
further
.
Firstly
, the
people
who are living in their
house
don’t have to worry about the landlord nor do they have to pay monthly rent.
Secondly
, for many
people
,
home
is like heaven and
people
spend a lot on interior designers to make their area worth living.
Hence
, they have all freedom to reconstruct their infrastructure if they desire to change it.
Moreover
, other
people
consider their
house
as an investment which they expect to appreciate in value in the future.
For instance
,
people
who have enough money tend to buy more than one land as real estate, purchased with the intention of earning a return either through rental income or by the future resale.
All in all, I feel that whether it is a positive or negative
situation
is totally dependent on the financial condition of
people
. For communities who have money to buy a big
house
, it becomes an asset so owning a
house
is a positive
situation
for them.
However
, most middle-class families have a tendency to buy a
house
that is
more than their financial capability. They fund
this
by taking out huge loans and as a consequence of
this
; they end up paying gigantic amounts with high interest on it.
On the other hand
, they have to pay property taxes and insurance which are directly proportional to the area of a
home
,
also
the electricity and maintenance costs get added to their everyday expenses.
Moreover
, if you own any land
then
you can
also
generate income from it by giving it onto rent to the needy.
For example
, you can
also
use that area for different purposes like organizing events, weddings, parties etc. of your family members and entertain others as well.
To conclude, I would like to reiterate that owning a
home
becomes a positive
situation
if that individual is able to afford it financially and maintain it with a proper budget.
However
, it could turn into a negative
situation
when one buys it on a loan
that is
way beyond his repaying capacity.