In some countries, owning a home rather than renting one is very important for people.

IELTS, TOEFL and PTE Academic Writing Task, the Essay

The Essay Question:
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?

Give reasons for your answer and include any relevant examples from your own knowledge or experience.

Write at least 250 words.

The Essay Answer :

Possessing a home instead of renting it out is of greater importance to people in few countries. I beleive this is primarily owing to the financial security as well as other benefits it provides and it is certainly good.

Having one’s own home is very vital for the populace in some nations, as it negates the need to shell out substantial amount of money each month to another person in the form of rent. This money people contend, can be saved for other critical needs, the rainy day or business. Such leaning towards self ownership, can be seen from findings of the home ownership pattern Economic Survey in India, 2017-18, which revealed that urban people in rented houses dropped from 54% in 1961 to 28% in 2017.

Additionally, living in one’s own house brings in a host of advantages. There is a sense of belongingness to a particular community, greater bonding with neighbours and a certain pride of ownership. In addition, any number of changes can be made in the house to suit the changing family needs or circumstances.

This inclination towards having a home in some nations, is economically beneficial since it creates business opportunities to mortgage lenders, real estate service providers and home improvement stores. Additionally, many people get employment in the race to have a home, such as engineers, architects, and builders amongst others. Thus the economy as a whole gets a boost.

To conclude, according to me, the criticality of possessing a home as against renting one, in some nations is due to the associated merits and economic security. However, this situation is without doubt good for the economy since it generates business and avenues for making a living for many.

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