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

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Everyone irrefutably wants to increase their wealth, be it by having multiple streams of passive income or by investments. Buying a
house
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is considered to be of great importance for many
people
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.
This
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essay details the reasons for
this
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belief along with its impact in the following paragraphs.
To begin
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with, a
house
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is considered to be a status symbol,
thus
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pushing folks to put their savings into purchasing a
house
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. To exemplify
further
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, Indians often prefer buying a
house
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to renting it as society values
people
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who own rather than rent.
Moreover
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, a
house
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is considered to be an asset, that has an appreciating value always; which is why
people
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tend to invest in the same expecting a constant return or passive income in terms of rental payments.
Furthermore
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, many countries have low-interest rates on mortgages which encourages
people
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to take loans to buy property;
this
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is primarily done to increase the cash flow in the country
thus
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boosting the country's economy.
However
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, buying
houses
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for the purpose of investment alone has negative effects. To earn profits, real estate agents often resort to the practice of flipping
houses
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, which is buying at a low price and selling at a higher price.
This
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unnecessary buying causes environmental issues like land encroachment and
pollution
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as building
houses
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emits a number of harmful greenhouse gases that causes air
pollution
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as well as noise
pollution
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. To illustrate
further
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, a study conducted in an Indian state called Goa found that 30% of the
houses
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have no one staying in them.
This
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land could have been used to build parks or recreational centres for children and elders in society. In a nutshell, it is one's personal choice to buy or rent a
house
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,
however
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, buying just for the purpose of investment could have negative effects. It is our responsibility to ensure that the world is a more habitable place to live in for future generations. Together we can take a step towards
this
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by pledging to reduce our personal carbon footprints to ensure that unnecessary
pollution
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is not caused due to
house
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building and flipping.
Submitted by pramey.j.j on

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