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 prefer to purchase and own a new house instead of renting in a few countries. This essay will discuss the reasons behind such cases and i think it is a positive situation to own a house rather than renting.

Individuals prefer for owning a home instead of renting one because they treat purchasing of the home as an investment. Individuals save up their surplus income so, they can utilised their fund for investing in house property. Since real state sector is growing yearly therefore, they expect their investment in the house would increase their wealth value whereas renting a property results in outflow of cash. For instance, my father has invested his surplus fund in purchasing a house which market value is skyrocketed in comparison to principal amount. In addition, people wanted to purchase a new house because they wanted to live with all family members under one roof. In our country, we live in a joint family so, there is a need of enough space to accommodate all family members. This is the reason they purchase the house as it can accommodate all the family members which cannot be possible using rented one.

People owning a house instead of renting is a positive situation. Their wealth increases while investing in the house because every year real sector is growing. Since increase in wealth will create a financial flexibility to individuals which results him to lead a comfortable lifestyle. Furthermore, people tend to be happy living in a house with all the family members under one roof. As they can communicate with all the family members, they will be get closer and help each other. This would lead to share difficult and happy moments with each other. To cite an example, we live in a join family of 13 members in my home country. We used to help each other in every difficult situation on financial, health and family problems.

To conclude, this essay acknowledges the reasons for people prefer to owning a house rather than renting due to the investment purposes and to live with the family members under one roof. This is a positive situation because it will help individuals to have comfortable lifestyle as their wealth will increase and they will be happy living with all family members.