In some countries, people prefer to own a house for accommodation, while in other countries people prefer to rent it . Does owning a house have more advantages or disadvantages than renting a house?

In some countries, people prefer to own a house for accommodation, while in other countries people prefer to rent it . Does owning a house have more advantages or disadvantages than renting a house?

In some countries owning a home rather than renting one is very important for people. 

Reason why people are inclined to possess their own residential unit

1. It is not easy to live on their own terms when one is a tenant, while homeowners have unrestricted access to all facilities offered in their homes.
2. They can decorate their living spaces as per their choice do not need to seek permission from anyone 
3. They can buy expensive furniture and fixtures as per their choice
4. Buying a house means making a secure investment that will last long and earn a premium 
5. Save people from fluctuations of rents
6. They can chose the locale where they would like to have their own home 

Positive 

• More house owners means better economic stability for the country 
• Financial profile improves if one has their own accommodation 
• Can use their own house as a collateral in case they are in dire need of money 
• Security - no one will evict them even if they are facing financial crisis
• People can afford better lifestyles. 

Negative 

• People forgot better opportunities since many get emotionally attached to their own homes
• They are exposed to levies, taxes, charges and maintenance costs
• In case the home is in a zone that is vulnerable to natural calamities 
• Life can become monotonous for those living in the same neighborhood for years
  
  
  

Owning a dwelling unit is a dream for billions in certain cultures and they hold it dearer to leasing one, since it fuels a sense of security and stability. There are several reasons that can be attributed to this desire, but overall, it is admittedly a favourable evolution.

To start with, despite facing several financial hardships, numerous households strive to buy a house of their own, for it makes them feel secure and confident. Having a living space that belongs to them completely affords them the freedom to use it as per their desire and also their convenience. Many even consider their residence to be a long term investment, which can be used as a collateral when one is faced with exigencies, such as funding higher education of the children, expansion of business and so on. In contrast, tenants can hardly afford such privileges. Therefore, home ownership is an imperative quality.    

Besides this, it is undeniable that those living in their own homes enjoy all the liberty to make their own rules and also ensure that they have all the privacy to themselves, which is missing when one resides in a rented accommodation where they are coaxed into following the strictures defined by the landlords. 

By all means, possessing a residential unit is undoubtedly a beneficial circumstance: it renders stability to life as it fulfils one of the three basic needs of food, shelter and clothing. When one has a permanent address, they can think of fulfilling other more crucial obligations in terms of familial, social  and professional.  

In hindsight, ownership of a house allows one to live freely and also enjoy a certain level of safety from fluctuations. Hence, I feel a self-owned home in spite of its size is a blessing.