In some countries, owing 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 today’s modern life, selecting a place to live in is a big decision to make. In some parts of the world, people value their own home instead of renting one. In my opinion, ownership is a natural human desire as it gives them the sense of achievement and stability. To start with, there are several reasons why people choose to own a property; one of which is the sense of security it provides to live with peace of mind. An individual who does not own a house has to pay a large part of his income in rent, and for this reason they have to maintain steady income to meet the demand of balancing income against other necessities of living. Moreover, the rents are pretty high and could cost an arm and leg. To illustrate, during this pandemic, many people lost their jobs and are unable to afford the cost of living along with rent that needs to be paid on time. Owing a permanent residence makes an individual confident to endure any unforeseen adverse circumstances without fear of being homeless. In addition, having personal accommodation gives sense of satisfaction and fulfillment, that can be felt only in own shelter as one can have freedom to renovate and decorate according to his own taste. Unlike tenants, who not only have to abide the landlord’s rules and regulations but also have no privilege to renovate according to his needs. To exemplify, a renter has no liberty to redecorate the exterior or interior of the place without the consent of the landlord. Thus, it is imperative to owe residency where one can live peacefully without intervention of others. To conclude, although some might prefer living as a tenant, I believe that owing a home has many positive aspects. It could not only save finances in long-run but also provides security and inner satisfaction.