In some countries, owning a home rather than renting one is very important for people. Why might this be the case?

It is believed that in a number of countries it is better to own a home, rather than lease one, as it might be beneficial for the resident, due to the inflation. Owning a house in certain locations can be considered a lifetime investment with a guaranteed return, rather than spending a huge sum of money on paying rent. Buying a residence or renting one can sure be a confusing question for the public.

However

, what society fears are the high prices of real estate and do not dare to buy houses on loans as they think they will be paying the EMIs for a long period of 15-20 years or so. But what most folks do not understand is buying a housing property is

also

a form of investment. Most people lease houses for years at a stretch and when that ends they are once again out for residence hunting.

However

,

this

can be avoided by owning a house.

In addition

, the tariffs can be higher than the monthly instalments. Rents these days are getting over the top.

For example

, in cities like Mumbai and, Hyderabad people pay a tariff of almost 100 thousand rupees a month for 1 or 2 BHK apartments in the heart of the city. But what most people do not understand is,

instead

of paying almost 100 thousand rupees a month they can buy their own residence in the heart of the city on loans provided by the banks with monthly instalments of nearly 30 thousand rupees which are almost 1/3 of the rent they pay. The banks

also

provide a tenure of 20 years in housing loans.

Also

owning a house means having a home, and having their own personal space.

Therefore

, in my opinion, one should definitely buy a residential property rather than pay rent. As it is a lifelong investment and

also

can have an emotional value attached to it.