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?

In several nations, people generally consider buying a home as a safeguard instead of living as a tenant, particularly in developing countries. Such a trend is among the public due to the insecurity they feel in renting and the hassle they face frequently moving from one place to another. From my perspective, I strongly believe that it cannot be a positive situation.

To begin with, living in any nation without a home is a feeling of insecurity as everyone wants to have some kind of home even though it is small. In other words, after having a home, people desire other facilities, for instance, vehicles and furniture. It is usually a heavy and one-off investment decision that everyone longs to. Another important factor that people consider is the hassle in frequently changing places, just like a cat does after reproducing its babies. It can be because of misunderstanding with landlords or just change in any circumstances. Maybe it is not common in the USA or Britain as in Nepal and Bangladesh because of clear contracts that the two parties have in developed countries but such agreement does not take place in developing nations. Moreover, both tenants and owners here usually live in the same place, unlike in western countries. The problem is more intense with regular misunderstandings in terms of pricing, the supply of water and electricity, and other issues. In such cases, it is always the tenant who is in the weaker position and who has to leave the place for some new ones.

From my point of view, such a scenario can only bring negative consequences to society showing a lack of competition and security. As more and more people strive to buy houses, the price may soar dramatically with a deteriorating effect on other factors of the economy. More importantly, the fund that had to be invested in building the basic infrastructures are curtailed and concentrated in the real estate of the country. As a result, the value of money will decline significantly creating problems of unemployment.

To sum up, the problem is thriving among underdeveloped countries because of fear of being homeless and this trend hampers the society with little resources for developmental projects.