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 nowadays prefer to purchase a house instead of renting one. This has two-sided positive and negative effects. According to my reason behind this scenario is an increasing rent every year and an increase in the expense of living.
The modern world we live in today presents us with many issues that we did not have to deal with in the past. Firstly, we will talk about the positive impact of buying a house instead of renting. In the majority of the countries, it has become a tradition to increase the rent after they renew their lease or after a year. People’s salaries will remain the same, but their expenses for renting will increase, so in this situation, they prefer to buy a new house. Sometimes when they take a lease of a house, they have lots of weird restrictions from their house owners; that’s why to live with freedom, people prefer to own a house. In addition, in today’s time when one thinks to buy a house but can not afford it, banks are ready to give them a loan for a new house .it also make people think to buy a house.
Secondly, we will talk about the negative impact. When people keep buying new house prices for it will increase too and it will have a negative impact on the countries economy. Moreover, expenses after buying a new house are not pocket friendly at all. People have to pay the mortgage, down payments to buy a house. Additionally, they have to pay utilities monthly and renovation cost when it needs.
In conclusion, I would like to say if we think over all if buying a house is affordable for people then they should own one. As they can live with freedom also, they can have a property in their name. So, in my opinion, it’s a positive scenario.
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