In some countries owning a home rather than renting one is considered very important. Why might this be the case? Is this a positive or negative development?
In concurrent times, people prefer having their personal residences rather than living in the rented ones. The following paragraphs shall discuss the attributes driving this phenomenon and why this is a favorable evolution.
To start with, this propensity is driven by the desire to have a dwelling unit that belongs to the occupants. Such possessions are considered to be the financial investments of great relevance since it is a permanent asset and helps bolster personal worth. This can buttress one from financial crises that may arise due to unannounced exigences, or help raise money to fund important future endeavors such getting an education loan for higher studies of children. This can extend a satisfying and secure life.
Moreover, one enjoys the liberty of choosing the neighborhood to live in. Apart from that, owning a dwelling unit can afford unprecedented freedom from restrictions and rent increments imposed by landlords, and allows them to decorate their living spaces as per their wish and desire, precipitating a happy and stable living condition. This is the only reason why a majority of Londoners, 80% to be precise, strive to buy their residential unit since they want to escape the tantrums thrown at them by lessors.
House ownership also reflects a strong economy. This is the primary reason behind governments of various nations, especially developing ones, motivating their citizens to invest in purchasing dwelling units. There are numerous subsidies that they offer in order to persuade inhabitants and make them buy their own residences.
To conclude, owning a residence affords one the liberty to lead a life freely. It is prerogative to stand for their financial independence and progress, making life stress free besides boosting the national economy. Thus, it can be easily termed as a favorable evolution.
