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?
There has always been a profound debate among varied sections of society regarding the greater importance of owning a dwelling unit, rather than leasing it. I shall elucidate the pros and cons of this in the following paragraphs.
To begin with, being a homeowner is associated with several benefits: one experiences a sense of relaxation residing in owned houses, unlike tenants they do not need to pay rentals; ask for approvals to refurbish their living spaces, and so on. Furthermore, it gives them a feeling of confidence; being financially stable due to not bearing lease amount fluctuations, perpetuating an optimistic approach. For example, being a proud possessor of residential units allows one to lead their life without any restrictions: they can make changes, renovate as per new trends at any time. Also, they can adjust the spaces as per the members of the family, such as building separate rooms for the children, the elderly members and master bedrooms as per their own taste.
Nevertheless, despite carrying benefits, it poses a few challenges also, people end up repaying huge amounts of loan, interest, exposing them to a stressful life, whereas leasing concept helps them stay clear of such complications as they just have to pay a fixed amount monthly, often small. Also, they do not need to compromise on their savings, and the future of their children. For instance, fixed budget affording for children facilities would not be compromised such as studies and extracurricular activities, among others. On top of that, they are free from property taxes, and maintenance costs.
To recapitulate, I vehemently agree that, although there are some pitfalls associated with residing in the owned house, the rewards, such as independence, this brings along are numerous, and easily exceed the former.
