What are the perks of home ownership

In some countries, owning a home rather than renting one is considered very important. Why might this be the case? Is this a positive or negative development?

Sample Solution

In some countries, people value home ownership significantly more than they value apartment renting. Living in a self-owned property delivers safety, comfort, and achievement. In my opinion, whether it is a favourable or negative position depends on several aspects.

The need for house ownership among many people is the main factor influencing people’s preference for buying a home over renting one. For instance, when people start their careers, especially in Thailand, their first priority is to save money in order to purchase a home because owning a home is a crucial component of raising a stable family. Additionally, not having to search for housing may free up time for people to concentrate on other facets of their lives, such as their careers and families.

It depends on the individual’s circumstances, in my opinion, whether having a property is a favourable or negative condition. For those who, for instance, can afford to purchase a large home and have few financial obligations, their home is an asset, and owning a home is advantageous for them. On the other side, some people with little income may find it detrimental to own a place to live since they lack the resources to do so and cannot afford an apartment or a house. As a result, they would take out a sizable loan and ultimately repay the money over a very lengthy period of time. As a result, they must now pay more interest.

To sum up, I believe that if done within a budget, home ownership may be a rewarding experience. However, it could go wrong if someone takes out a loan to buy a house that is far beyond their ability to pay it back.