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.  

In some countries owning a home rather than renting one is very important for people. Why might this be the case? Do you think this is a positive or negative situation?

In some countries owning a home rather than renting one is very important for people. Why might this be the case? Do you think this is a positive or negative situation?

People across the globe prefer to have their own residence rather than residing in a rented accommodation. There are several reasons behind this rationale - sense of security and prestige, to name a few. However, some consider such conditions as favorable, while others do not.

Owned house has always been a symbol of security and wealth for mankind. It has always been perceived that being a house owner is always favorable as it adds to the net worth of an individual that aids them to secure a social status and recognition in society. Besides this, it renders a sense of security among people as each individual considers their house as a safe haven in their twilight years. Where one can spend the remaining life with respect and dignity. Thus, it becomes significant for people to have their own home. 

Furthermore, it is a positive scenario for many because in such circumstances it becomes quite easy for an individual to defend oneself during financial crises or exigencies since in those times properties are counted as collateral and a backup plan that can safeguard a person from being trapped in debts.

However, others think differently, as this lobby feels that buying an own house is a tedious task and requires a huge investment of money, which is an uphill task for several to amass in a lifetime, and even if they manage somehow, in-order to do so, one has to forgo and in fact sacrifice many of their present needs and desires, which is considered to be unwarranted. 

Therefore, after considering both sides of this phenomenon holistically, I personally feel that overall, owning a house is a positive situation that empowers an individual with social reputation, honor and self-esteem in life.