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?

It’s not uncommon that having a property with the ownership yields a plethora of benefits in certain countries, on the contrary not everyone in society has such financial capability to afford one. A number of families in the Third World countries are still residing either in a rented apartment or villas. Though it’s a widespread trend in a number of societies to reside in a consolidated family system, on the contrary having a property on one’s ownership gives the luxury to accomplish such a dream. It doesn’t sound like a memory of the past, on the contrary, a present one, when I recall the memories of the year 2020. Every industry was facing a devastating time of the year when the whole world was under lockdown. In those times, one of my elder brothers in Cambridge, Canada, who was living in a basement of a shared villa decided to purchase a home. Although he had been searching for one for a long time, but the pandemic allowed him to buy a home on a mortgage at an immensely fair price. This enabled him to get his family and children together under one roof. Now instead of being a tenant, living in a basement with a shared villa, buying a new home allowed him and his family to establish their life splendidly, and plan their future ahead. It has been noted since ages that once the property trends fall due to numerous reasons, the intelligent individuals are always keen to hunt for an opportunity to invest. Nowadays, owning property have many upsides such as a source of passive income if a portion of the property is rented down the line, a sense of ownership, and security that regardless whatever happens, the owner is secured with their possessed land. One of the many downsides of renting a home in many countries are due to the regulations that restrict a tenant to make any modifications in the property. On the flip side, the tenant always has a liability to pay the bills regardless of their financial situation throughout the year. In the light of these issues, it can be concluded that although owning a property has many advantages, it’s recommended for a consolidated family system and having a sense of ownership. But on the other hand, it is also not possible for many individuals to invest in buying a property. Therefore, it completely depends on the financial situation of the people.