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?
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Sample answer from Upinder Kaur, India
In certain countries, many people consider it a necessity to own a home when compared to renting it. The primary reason being, they accomplish the sense of security and fulfillment. I would consider it as a positive trend due to many reasons which will be discussed in the upcoming paragraphs.
The main reason because of which people tend to possess a house is that they get the sense of security. In order words, no matter even if the size of the house is small still it gives the feeling of security of fulfillment to the people living in the house. Firstly, they get their money saved from paying it every month to the landlord. Secondly, they do not have to migrate to different location every now and then which people staying on rent might have to do as the contract is of limited duration. After which, they may have to relocate by finding a new house for rent. This hustle and bustle somehow disturbs the work-life balance. Due to these reasons, people try to possess their own house as they will be saved from the adversities of rent.
I consider owning a house compared to take it on rent a positive situation. First and foremost reason being, even though initially it may take huge sum of money to buy a house, it would be helpful in the long run as it would be considered as a source of investment. For example, In India many people having their own homes tend to rent a room or a portion of their house on rent which not only acts as a additional source of income for them but also keep their property maintained. Also, one can furnish the house, renovate it and even demolish it on its own terms. Lastly, possessing a property also upgrades the social status of a person.
In conclusion, people tend to possess a home to achieve sense of security and I opine it as a positive trend because not only it is considered as a source of investment but also it impacts the social status of a person.
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Sample answer from Rakshya, Nepal
Homeownership is considered to be more important as compared to renting. This might be basically due to the feel of the comfort zone and other long-term benefits. From my perspective, I thoroughly believe this initiative as a constructive approach due to several factors.
Owning a home is regarded to be more valuable in comparison to renting because it provides a myriad of advantages. Primarily, people will have freedom of space, comfort, and stability, which is relatively less in the case of renting. For example, when people do have their home, they can enjoy their own style of living without fear of being judged in performing the activities they want. While, in a rented house, if they want to set up the gatherings or meetings with their family and friends in large number, they might need to restrict the number of people and minimize the noise and many more things. Moreover, people always need to be prepared to manage their monthly rent, yearly increment, and renewal costs and sometimes they even might undergo certain mental stress if they are not able to manage it in time, which is probably less when people own a house.
In addition to this, there are other several factors that can be attributed to this positive development. Although buying a house may sound more expensive at the onset, it is a pathway for long-term investment. For an instance, we can set up a small-scale business with minimal human resources and gain profit. It could be the establishment of private clinics, stores, or even people can think it in a proactive manner and gain the utmost profits as well. However, renting, on the other side, money is not utilized towards a great investment although it provides some flexible schedules to pay the bills. Besides, property valuation always plays a key role in bank guarantees, different loan programs and can be used in times of emergency situation.
To sum up, there cannot be any doubts that owning a home is a better choice than renting as far as long-term investment profits, and comfortability are concerned.
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Sample answer from Muskaan, India
It is undeniable that home is a basic need of humans. Many people prefer having their own home over living in a rented one. Both the situations have their own positives and negatives consequences. However, I believe that having own accommodation gives the feeling of fulfillment.
To start with, the biggest advantage of having own apartment is one can design it according to his own preference or convenience. People can get it painted or renovated whenever they want. Moreover, buying own house is a great investment. In the modern era, the prices of the properties are increasing continuously. If a person invest in a house it would be beneficial for him future as it could be sold at huge price. However, buying a house without thinking about financial condition can lead to huge loans, interests etc. One must make a proper plan of finances before purchasing a property.
On the paradoxical side, living in a rented house cannot give that attainment. People have to pay monthly bills as well as electricity and water supply charges still the house (remains)belongs to the landlord. Because of the rent they cannot invest or spent on other useful things. Also rental property could be a agreement of few months or years. After that person have to leave and find another accommodation which is a difficult task. As it includes to shift one’s belongings to new place. Sometimes it could be difficult to settle down at new place again and again.
In conclusion, I strongly believe that though buying own apartment without proper budget can lead to negative result, buying it with proper planning would be great decision.
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