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?
Contemporary times have witnessed possessing a dwelling unit has become a vogue; it is deemed a better option than renting one. The following paragraphs shall discuss the causes fueling this propensity, and elucidate why it is a favorable phenomenon.
To begin with, a school of thought propounds that purchasing a house is prioritized since it gives unprecedented freedom to customize it as per typical requirements and desires without obtaining the approval of the owner. Also, one is free to buy expensive furniture, paintings and other decorative items without any hesitation. Similarly, this arrangement acts as a bulwark against fluctuating rents. Moreover, choosing neighbors and surroundings as per their personal choice is an added privilege.
Furthermore, personal residence is the best form of investment that lasts for a long duration and can be converted into money at any point of time. One can enhance their financial stability when they own their accommodation as it can act as a collateral security that can aid them in obtaining a loan, buying a new car and borrowing some money for their business.
Above all, one can also buttress themselves against financial uncertainties: they can stay protected in times of crises; they would not be forced to vacate the accommodation in case of loss of employment. This reason is often cited by a majority of homeowners as they assert that during volatile times such as pandemic of 2020, it was their owned residence that sheltered them from distressing consequences such as becoming homeless when they had lost their jobs due to closure of businesses.
To cap it all, owning a place of residence protects individuals from the thick and thin of unpredictable life besides offering unparalleled freedom from the moodswings of lessors. Thus, such evolution can be termed as favorable.
