In developing countries like India, accommodation is always a problem because of increasing population density. Many people like to live in their own homes rather in rented one because of comfort and security. In my opinion, financial capacity of person concludes that situation is positive or negative.
To embark with, the underlying reasons attributed to this ideology are two-fold. Primarily people owing a home neither need to worry about the landlords nor have worry to pay monthly rent. Hence, they can save money or use for more productive purpose which they would have to pay if they rent a home. Besides this, people consider home as most secure and safe place. As such, they like to decorate and lavish it with all amenities that directly contributes in terms of comfort. It has been proven many times that people live in self-owned homes are more happier than people living as tenants.
The question arise, Is this perspective negative or positive? I believe, it varies from person to person. For people who are affluent enough to buy own house or have few financial liabilities, their house is asset. Hence, buying house remains a positive situation for them. However, due to sophisticated budget, buy or construct own house is still a dream for many middle class or lower class families. For this they need to take loan at high interest rates. As a result, they have to pay interest and principal amount on monthly basis. Furthermore, the electricity and overhead costs get added to their everyday expense.
To conclude, I feel owing home is a pleasure experience if done within a budget; however, it could turn into negative situation when a person buys a home by getting a loan that is beyond their paying capacity.
In
developing countries
like India, accommodation is always a problem
because
of increasing population density.
Many
people
like to
live
in their
own
homes
rather
in rented one
because
of comfort and security. In my opinion, financial capacity of
person
concludes that situation is
positive
or
negative
.
To embark with, the underlying reasons attributed to this ideology are two-fold.
Primarily
people
owing a home neither need to worry about the landlords nor have worry to pay monthly rent.
Hence
, they can save money or
use
for more productive purpose which they would
have to
pay if they rent a home.
Besides
this,
people
consider home as most secure and safe place. As such, they like to decorate and lavish it with all amenities that
directly
contributes in terms of comfort. It has
been proven
many
times that
people
live
in self-
owned
homes
are
more happier
than
people
living as tenants.
The question arise, Is this perspective
negative
or
positive
? I believe, it varies from
person
to
person
. For
people
who are affluent
enough
to
buy
own
house
or have few financial liabilities, their
house
is asset.
Hence
, buying
house
remains a
positive
situation for them.
However
, due to sophisticated budget,
buy
or construct
own
house
is
still
a dream for
many
middle
class
or lower
class
families. For this they need to take loan at high interest rates.
As a result
, they
have to
pay interest and principal amount on monthly basis.
Furthermore
, the electricity and overhead costs
get
added
to their everyday expense.
To conclude
, I feel owing home is a pleasure experience if done within a budget;
however
, it could turn into
negative
situation when a
person
buys
a home by getting a loan
that is
beyond their paying capacity.