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

People in some countries believe that owning a house is better than renting one.
This
is because they do not have to pay rent. In my opinion, it is a positive situation and my reasons will be highlighted in the essay.
Firstly
, owning a
home
is a source of extra income. Personal houses can be rented out to people or organizations.
For example
, In countries
such
as New Zealand where tourism is high and tourists stay for a long period of time.
Home
owners lease out their properties or part of them to travellers.
This
helps them generate extra income while in the comfort of their homes.
Secondly
, due to the current state of the world's economy. Many countries have faced economic recession and there has been a drastic increase in housing costs.
However
, individuals who own their own properties are spared from
this
as they do not pay rent.
For example
, in Nigeria due to recessions,most families who rented apartments were forced to change their apartments because they could no longer afford the charges of those buildings.
Although
owning a
home
has its numerous benefits, it can
also
come with challenges, one of which is property maintenance. Most landlords find it difficult to maintain their property,
this
leads to degradation and
then
they might end up selling the building for half the market value.
However
, renters do not face
this
situation as landlords are saddled with the responsibility of property maintenance. In conclusion, the benefits of owning a
home
greatly exceed renting one. So individuals should make conscious financial decisions that will enable them to acquire a house.
Submitted by alaboemmanuel20 on

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