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?
Some people argue that buying a house is much better than living in a rented house. In my opinion, owning a house is a positive situation as it gives a chance to make interior changes at home and it will be less expensive than renting a home for a longer period of time.
Firstly, there are so many things which people want to do with their living habitat. Being an owner of the house, people can make necessary changes with their interior and exterior. They can modify it into their dream place to live, whereas, being a tenant, they have many restrictions, and even for a minimal change, they need to take permission from the owner. For instance, it has been seen that when people purchase a house, they do the wooden work and paint job before shifting in there.
Secondly, rented places will always be much costlier than buying. While buying a house with the help of loans will be much cheaper than living as a tenant for their whole life. Even after living as a tenant for 30 years, they will not have any assets with them. However, if they purchase a property, then it will be their asset; after paying instalments for a set number of periods, a house becomes theirs. For example, a survey done by Times stated that in the last five year’s there had been an increase in purchasing property by 45% due to lower interest rates on loans.
To conclude, renting a place may look cheaper than buying, but overall there are more positive aspects in buying the home as people can be the proud owner of their home and can live without any restrictions or laws set by landlords.
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