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?
Certain nations state that purchasing their own
homes
are more valuable than renting one. I believe that there are several reasons which contribute to this
scenario such
as personal security, government policy and future investments. I think that this
situation has both a positive and negative impact on people
.
In certain countries for instance
my country in Malaysia, the government supports owning a home through subsidised programs such
as "One Malaysia Homes
" for lower-income families. They also
allow withdrawal of EPF funds for the sake of purchasing homes
and provide tax relief of up to RM10,000 for purchasing a single house. People
make way into buying these schemes as they feel at ease residing in a place where they do not need to have the fear of being chased out by their landlords. Certain landlords can be really fussy and frequent checks on their premises drive people
away from staying there permanently. There is also
a high likelihood that they would increase their rental fare after the rental contract is over and they will always be in the search of a more promising tenant. Families who come from a more affluent background or permanent dwellers are also
into the idea of purchasing their own homes
as this
adds to their advantage to possess their own personal inheritance which could be passed down to the next
generation or rented out later for monetary purposes.
Despite all that, there are several reasons why people
rent instead
of buying their own homes
. Firstly
, they are on a tight budget and renting enables them to divide a fair share of the rental payment with others. Students and tourists especially prefer to rent because they are not permanent in a certain place and they leave the country as soon as they finish their studies or visit. Employees who often shift jobs also
stand a better livelihood if they do not tie themselves into loans purchasing a home.
In conclusion, owning a home has both positive and negative impacts on people
depending on the different circumstances their livelihood are and it is entirely up to us to decide which one would be more beneficial not only due to the flexibility, budget and security but also
for future investment purposes.Submitted by emmelladevi1 on
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