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

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It is vital for citizens of some
countries
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to own a
house
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rather than live in rented accommodation. I personally believe, owning a
property
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has many benefits over renting. In
this
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essay, I will discuss the reason for
this
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trend and the advantages of possessing own
house
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.   There are many reasons for someone to buy a
house
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. Renting
an
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apply
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accommodation is expensive in some
countries
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.
This
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is mainly
due to
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the increasing population, a soaring number of immigrant workers and the limited availability of accommodations.
For example
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, in Singapore, renting a
house
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is expensive,
while
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buying a
house
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through a mortgage is comparatively a cheaper option.
For
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this
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reason, many Singaporeans opt to purchase their own properties.
This
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trend has been observed in many first-world
countries
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, especially in urban areas.
On the other hand
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, migrant foreign workers, who have restrictions to buying a
house
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in these
countries
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are forced to pay a higher rent for their accommodations.
Furthermore
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, investing in a
property
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is always beneficial in long term. The price and demand of properties are always on the rise.
Although
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renting can be a less expensive choice in some parts of the world, tenants are ultimately unable to own a
property
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.
Due to
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these reasons, if an individual is paying for the monthly leasing rather than the monthly rent, he can enjoy the benefit of owning the
property
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.
This
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purchased
property
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can be an asset for them which gives some form of financial assurance to these individuals.
For instance
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, a recent survey done in New York shows that even with the higher interest rates for mortgages people are happy to pay the loan fees than paying for rent. To summarize, people are inclined toward owning a home rather than renting in some
countries
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. I strongly believe
this
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development has many advantages than disadvantages like providing financial assurance and investment returns.
Submitted by mnasasanjith on

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Topic Vocabulary:
  • ownership
  • renting
  • importance
  • sense of security
  • stability
  • financial investment
  • asset
  • customize
  • decorate
  • belonging
  • community
  • potential
  • future generations
  • long-term
  • cost advantage
  • control
  • living space
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