Owning a Home Rather than Renting One Is Very Important for People

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

People in some nations consider owning a home much more important than renting one. Living in a self-owned home gives a feeling of stability, comfort and security. In my opinion, whether it is a positive or negative situation depends on many factors.

People owning a home do not have to worry about the landlord, nor do they have to pay a monthly rent. Hence, they can modify their home according to their needs and desires and feel assured. For many, the home is like heaven, and so they spend quite a fortune on designing and decorating it. On the other hand, some people consider their home as an investment which they expect to appreciate in the future.

All in all, I feel that whether owning a home is a positive or negative situation is quite subjective, depending on the person’s circumstances. For people who have the money to buy a big house and few financial liabilities, their house is an asset and owning a house is a positive sign. However, most middle-class families buy a big house which is often out of their budget. They fund this by taking out huge loans and repaying the amount over a very long time. This increases the interest they have to pay. In addition to this, they have to pay property taxes and insurance, which are directly proportional to the area of a home. Furthermore, the electricity and maintenance costs get added to their everyday expenses.

To conclude, owning a home can be a pleasurable experience if done within a budget. However, it could turn into a negative situation when a person buys a home by getting away beyond his repaying capacity.

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