#EssaybyMe
In some countries, owning a home rather than renting is very important for people.
Why might be the case?
Do you think this is a positive or negative development?
In many parts of the world, the norm for an increasing number of people is to purchase accommodation instead of living in a rental. While this phenomenon is attributable to several factors, the repercussions emerge to be more severe than one might only imagine.
The potent reason why some people tend to have a house at their own disposal has to do with their desire to prioritize a sense of privacy. It is of no doubt that home owners can introduce their own identity to their properties, making alterations to both interior and exterior designs. This autonomy is further strengthened by the fact that people owning their private houses can not only arrange big celebrations but also tame pets at their own will. Furthermore, living in a private house in many parts of the world today is nothing but a symbol of luxury, thus adding to people’s social prestige. This is also a wise investment in one’s future in case of economic downturns or financial instabilities, since house owners will at least secure a shelter during such predicaments.
However promising this inclination of people to buy houses may appear, the overall effect of this trend is by no means positive. Equally essential if not more are shortcomings that revolve around this material luxury. Little do people know that they may suffer from compromised well-being in the aftermath. That is, the more expensive a house is, the more effort a person should put in to be able to set aside money. This material aspiration of people, therefore, can make them work harder than ever, exposing them to heightened stress levels through placing excessive burden. In the worst scenario, those living on a tight budget file for a mortgage without owning a stable job or assets that allow them to repay their loans. In case of defaults on repayments, the global economy is prone to recession, exemplified by the 2008 World crisis which was primarily driven by credit owners’ inability to pay off their debts.
To conclude, despite owning a house allowing freedom and symbolizing status, it entails far-reaching consequences for both physical and financial health of people and economies, hence the positives being pale in comparison to the negatives of this trend.
⚡️@aplusacademyielts ⚡️