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?
Reason why people are inclined to possess their own residential unit
-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.
They can decorate their living spaces as per their choice do not need to seek permission from anyone
They can buy expensive furniture and fixtures as per their choice
-Save people from fluctuations of rents
They can chose the locale where they would like to have their own home
*Buying a house means making a secure investment that will last long and earn a premium
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 forgo 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, or in an unattractive neighborhood, one can get stuck for life
Life can become monotonous for those living in the same neighborhood for years
Home/ house/ residence/ dwelling unit
AHMER -27-July-2023
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.
