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?

It is often said that it is crucial for some to have their own living properties rather than rent them in many parts of the world. Buying a place for themselves comes with significant benefits and drawbacks, and it’s crucial to weigh them both before you come to a decision. In

this

essay, I will discuss both sides and elaborate on

this

more in detail.

To begin

with, there are countless numbers of advantages for homeowners.

Firstly

, buying a home can be considered a long-term investment. In most developed countries, the value of a property generally appreciates in value over time.

For example

,

according to

some research, the average home price

of

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in

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2021 went up 1.5% higher compared to those in 2020.

Secondly

, owning a home means there's more control over the place improvements and upgrades for the homeowner. Needless to say, families in the house can paint or plant whatever they like so that they can attach a more emotional feel to it.

On the other hand

, some undeniable negative outcomes may emerge

along with

the aforementioned benefits of owning private property. The huge financial burden on the person who purchases a house might be a major negative aspect.

For instance

, people are required to pay a large amount of downpayment, and they are usually forced into a mortgage of over 30 years. On top of that, there will be chances that they may face unexpected expenses. Take an example, there may come up with some problems with water supplies or

heatings

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heating

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.

While

citizens who rent a place are not usually responsible for the maintenance or fixing some problems within the

premice

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premises

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, homeowners are responsible for everything they need.

To conclude

,

while

there are some advantages, there are

also

disadvantages to buying a house rather than renting it. I personally think the advantages outweigh the disadvantages.