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?

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

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