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

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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
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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
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which
this
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essay will discuss
further
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.
Firstly
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, the
people
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who are living in their
house
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don’t have to worry about the landlord nor do they have to pay monthly rent.
Secondly
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, for many
people
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,
home
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is like heaven and
people
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spend a lot on interior designers to make their area worth living.
Hence
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, they have all freedom to reconstruct their infrastructure if they desire to change it.
Moreover
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, other
people
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consider their
house
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as an investment which they expect to appreciate in value in the future.
For instance
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,
people
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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
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is totally dependent on the financial condition of
people
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. For communities who have money to buy a big
house
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, it becomes an asset so owning a
house
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is a positive
situation
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for them.
However
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, most middle-class families have a tendency to buy a
house
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that is
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more than their financial capability. They fund
this
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by taking out huge loans and as a consequence of
this
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; they end up paying gigantic amounts with high interest on it.
On the other hand
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, they have to pay property taxes and insurance which are directly proportional to the area of a
home
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,
also
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the electricity and maintenance costs get added to their everyday expenses.
Moreover
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, if you own any land
then
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you can
also
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generate income from it by giving it onto rent to the needy.
For example
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, you can
also
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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
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becomes a positive
situation
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if that individual is able to afford it financially and maintain it with a proper budget.
However
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, it could turn into a negative
situation
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when one buys it on a loan
that is
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way beyond his repaying capacity.

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Word Count

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