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

Homeownership is considered of significant importance in several countries across the globe.

Although

the usefulness of

such

investment varies a lot based on the type of the economy of the country and the way of obtaining the ownership, it is highly regarded as a status symbol, sometimes as an emblem of financial stability

also

- conventional wisdom will almost always recommend anyone to own lands like a house or an apartment.

This

essay will shed light on both the bane and boon of owning. To commence with, owning an apartment has immense benefits.

Firstly

, it will reduce a lot of stress from a person's monthly bill, because, usually rent is the largest bill someone has to pay.

For instance

, a recent study showed more than 50% of the bills paid in a month for a householder is his rent in most megacities across the world.

Besides

, owning an apartment

also

frees up a big chunk of your salary for investment and other purposes like travelling or shopping.

Moreover

, owning a residence means you have higher freedom and control over the way you want to decorate or manage. Because there is no landlord to enforce some unwanted rules to be followed . On top of that, living in one residence for a generation can build significant memories for the family.

Nevertheless

, owning a mansion is a status symbol in many cultures; to be seen as having a higher position in the social hierarchy will always come with its own benefits, as well as the property value of a residence can work as a buffer or security during a crisis

such

as a medical emergency.

On the contrary

, purchase

also

has its downside too. Studies have shown that often a dweller gets stuck in one city or single location for his entire life just because he bought the estate,

hence

, missing out on a plethora of opportunities which he might have been capable of in other places.

On the other hand

, sometimes building comes with the burden of huge loans with high interest.

For example

, owning a house which will require to be paid in 30 years mortgage may not be a good idea at all. In a nutshell, owning a home could offer a lot of benefits including higher social status and financial stabilities, but it is not bulletproof to some demerits.

Therefore

, a thorough analysis is required of an individual's financial condition and the economy of the country before concluding if the purchase will be a bane or boon. I think, regardless of the economy or financial situation, owning will be preferable.