It is often emphasized in a few countries that having the ownership of a house rather than renting it is crucial for people. This could be because of the sense of ownership and independence one might have by owning a house. Moreover, renting a house has other associated costs such as service charges which add up over time to a large sum, this can be avoided by owning a house.
Owning a house gives one the independence to revamp it to their own choice. This process of renovation allows us to develop a sense of ownership and comfort. Moreover, over time, one might have alterations in the family plan with the addition of an extra member or a pet which the house-owner might not encourage. This requires lengthy discussion with the owner that not only disrupts the privacy of an individual but might also result in complications of shifting and finding a new house, if the conversation doesn’t go well. Additionally, rents increase yearly depending on the owner, which leaves a mark on the monthly budget of the tenant. In most cases, the tenant cannot cope with this increased amount due to their fixed monthly income.
Although, some might argue that the down payment of a house is significantly high in the beginning and owning a property comes with several other issues such as paying additional taxes, I think, proper budgeting can easily be the solution. Moreover, investing in property in the current world economy is a wise decision as land quotes are always on the rise and the house can be sold off for a better price in the future. Furthermore, subletting a room to a student in need might also help in the return rate of the house.
Overall, I believe it is a positive situation since having a house comes with your freedom. In your own house, you would be able to take the decisions for yourself. In addition, in the current scenario real estate development and expansion, having your own house not only secures a safe future but is an investment towards the future.