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?

Owning some assets ,

,

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especially a home is almost a common dream for everyone in any country all over the world. From a personal side of view, I find that owning a residence has many advantages over leasing. Due to the financial situation that the whole world is facing now after the Pandemic, it is notable that living expenses have increased considerably.

This

includes renting a dwelling as the prices soared sharply.

Therefore

,

instead

of spending a high amount of money on fortnightly or monthly rent,

this

amount can be invested in buying a residence in the form of instalments or what is known in Australia as "mortgages" .

Moreover

, investing money in a property is much better than saving the money, as the value of any currency is susceptible to decline, while

this

does not happen with the assets including houses. Some people would argue that buying a house can restrict someone's movement or life plan, reducing their flexibility of free movement ,especially for young people.

However

, in my opinion, I reckon

this

is not a problem nowadays since lots of banks provide very flexible plans for selling the property or leasing.

For example

, in case the owner changes their mind and wants to move out, they can sell for a higher price or even rent it out to cover the mortgages.

Hence

, a house could be an extremely profitable future investment. In brief, I think it is a very positive situation to own a house rather than rent, and that's why traditionally it is called here in Australia "The Australian Dream".

However

, what is important is to pay attention to your income and to make a good plan that does not put a huge financial burden on you.