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

In certain countries, numerous people believe possessing accommodation is more essential than renting it. Particularly, in Asia, it is a monument that states the success of one’s life. The aim of

this

essay is to analyze the reasons and negative circumstances of owning a home. Multitudes think renting an apartment is wasting their money.

Hence

, they would rather pay for it in instalments than pay a rental fee every month, and eventually, they will get possession of it.

Moreover

, installments of a house can help them deduct income tax

at the end

of the financial year which is a benefit for them over renting.

On the contrary

, there are the following disadvantages of purchasing homes. One of the drawbacks of buying a home is it is a long-term burden for the owners. They are obligated to pay both the principles and interests. In contemporary times, accommodation prices have been increasing rapidly every year, resulting in many people cannot afford it.

Thus

, buying it need cautious consideration about their ability to pay for instalments in time until they pay for all.

For instance

, a mortgage requires at least 10-year instalments which means installers need to ensure they will have enough income for these payments.

In addition

, owning an accommodation requires maintenance which costs huge money and

also

needs some determination. It is a stressful moment when some things in the house are broken unexpectedly. The owners need spare money for

this

situation and need to contact a technician to fix them. It is not easy to get an available slot from them.

For example

, when a window is broken, it takes a week for a technician to come and fix it, and

also

costs around $300 which is a gigantic amount. In conclusion, even though acquiring a home could be rewarding for the owner, there are a variety of its disadvantages. They need to consider their ability to pay for the house prices and

also

maintenance costs.