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?

In some parts of the world, building or buying

one

's

home

permanently is preferred over renting

one

. The reasons for

this

range from the economic benefits and stability it brings to the social status it confers on a person. I believe it is an advantageous situation considering the advantages it brings. There are several reasons people in some countries find owning their homes more valuable than renting.

Firstly

, it brings a lot of economic benefits, particularly in the long term. Following that the annual or monthly rental payment will be saved upon the completion of

one

's

home

.

For example

, I have saved a total of

one

thousand USD that would have been my rental cost for three years

as a result

of owning my

home

in 2019.

Secondly

, it provides stability.

That is

, the need to scout for a

home

every other year will be eliminated.

Finally

, in Nigeria here, it improves a person's social status by being recognized as 'a landlord'. In my opinion, I think owning a

home

is a favourable situation as it helps save rental costs and eradicates the harassment house owners usually met their tenants.

For instance

, in rented apartments, the occupants are usually bound by a tenancy agreement that limits them in a number of ways.

However

, in an individual's own

home

, there is so much freedom and usually no restriction to the use of the building. In conclusion, the benefits that come from being a homeowner

such

as stability, financial savings and social recognition are some of the reasons I consider it a positive achievement and why it is deemed important in some countries.