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?
It is undeniable that individuals in most parts of the globe desire to be the owner instead of the tenant of their dwelling for the several merits attached. However, this situation can have both pros and cons.
To begin with, there can be various reasons behind people’s preference towards buying a household over renting. The fundamental reason is that it saves them from the monthly liability of paying a major part of their income as rent. They can rather pay the same as an instalment against their home loan and add to their wealth by creating a fixed asset that can secure them against the unforeseen. Not just this, greater privacy of life and more freedom to renovate one’s own property are the other two factors. Nonetheless, rented space might seem more affordable and easier to maintain in the short run and also offer flexibility to move out any time as per requirement. But owned accommodation might cause some limitation. Still, buying a residence is generally a dream for every person.
No doubt, on one hand, ownership of property adds to status, power and strength, on the other hand, due to fixed quantity of domestic land and ever-growing population, it is impossible for everyone to legally own space. Moreover, heightened emphasis on the ownership of housing creates mental pressure on the middle-income group and also promotes inequality and social divide. Sometimes, out of pressure, people trade-off their present comfort for a secure future by spending all their income in a single fixed asset. Alongside, it raises the demand for land and, hence, prices and rents, making it out of reach for masses. Therefore, both renting and owning a residential space have their own pleasures and pains.
In conclusion, an individual must take a wise decision on the basis of personal circumstances instead of peer pressure regarding investing in a domestic space.
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