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?
It is vital for citizens of some
countries
to own a house
rather than live in rented accommodation. I personally believe, owning a property
has many benefits over renting. In this
essay, I will discuss the reason for this
trend and the advantages of possessing own house
.
There are many reasons for someone to buy a house
. Renting an
accommodation is expensive in some Correct article usage
apply
countries
. This
is mainly due to
the increasing population, a soaring number of immigrant workers and the limited availability of accommodations. For example
, in Singapore, renting a house
is expensive, while
buying a house
through a mortgage is comparatively a cheaper option. For
this
reason, many Singaporeans opt to purchase their own properties. This
trend has been observed in many first-world countries
, especially in urban areas. On the other hand
, migrant foreign workers, who have restrictions to buying a house
in these countries
are forced to pay a higher rent for their accommodations.
Furthermore
, investing in a property
is always beneficial in long term. The price and demand of properties are always on the rise. Although
renting can be a less expensive choice in some parts of the world, tenants are ultimately unable to own a property
. Due to
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
. This
purchased property
can be an asset for them which gives some form of financial assurance to these individuals. For instance
, 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
. I strongly believe this
development has many advantages than disadvantages like providing financial assurance and investment returns.Submitted by mnasasanjith on
Unauthorized use and/or duplication of this material without express and written permission from this site’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Writing9 with appropriate and specific direction to the original content.