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 is a positive or a negative situation?

Currently, in many countries, owning a

home

rather than renting one is important for many

people

. I believe

this

helps to maintain their financial status in society.

However

, it can be seen as a negative effect that many have to depend on housing loans

as a result

of that. By owning a

home

,

people

can show off their status. Nowadays, the price of houses is increasing day by day.

As a result

of that,

people

have to spend quite a lot of

money

in order to own a

house

. Because of the higher prices of houses,

people

of high or middle income are capable of owning one. As an example, in Sri Lankan society, for men, owning a

home

under their name is a critical factor in being selected as a groom, and even women consider those men capable of giving them a comfortable life.

However

, owning a

house

is about spending a large sum of

money

. Because of that, many

people

have to take out housing loans with

high interest

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high-interest

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rates.

At

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the end, they have to pay interest for their entire lives just to own a

house

. Not only

for

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that, but even for the maintenance and renovations,

people

have to spend quite a lot of

money

from their income. As an example, some years later, the design of the

house

goes out of fashion.

As a result

of that, the

house

owner has to update it by spending a large sum of

money

. In conclusion, even though in many

counties

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countries

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, owning a

home

helps to show off their financial status, it leads to many negative effects

at

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the end.