In Some Countries Owning A Home Rather Than Renting One Is Considered More Important | Band 8 IELTS Essay Sample

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?

Here is a band 9 IELTS essay on this topic. Need help with IELTS writing? Get your IELTS essays, letters and reports corrected by me.

Band 9 IELTS essay sample

In certain parts of the world, people prefer to a buy a home rather than rent it.  This is mainly because an owned home is an asset that people can be proud of. In my opinion, this trend of buying property is largely positive but it depends on the financial situation of the buyer.

A house is an asset whose value will increase over time. In many countries, owning a home can enhance your social standing. In my country, India, for example, people who live in rented homes are considered poor. Another advantage of buying is that you can pass down the property to your children. There are several other advantages too. You do not have to move frequently. You can design the space according to your preferences. None of this is possible if you live in a rented home.

In my opinion, this is largely a positive development because a home is an asset whose value will only increase over the years. Although it takes a lot of money to buy a home, this is a worthy investment. However, if people are under pressure to own a home, it becomes a negative development. Families should always consider their financial situation before investing in a home. Also, in some cases, renting is actually better. For example, people who have transferable jobs may find renting more convenient than buying.  

To conclude, buying is certainly better than renting because of the opportunity to build equity in your come. Of course, it depends on the financial situation of the buyer. People who can afford to buy a home should definitely do it. Those who cannot afford it should not feel bad about their inability.

In some countries owning a home rather than renting one is considered very important – Band 8 IELTS essay sample

People in some nations consider owning a home much more important than renting one. Living in a self-owned home gives a feeling of stability, comfort and security. In my opinion whether it is a positive or negative situation depends on many factors.

People owning a home do not have to worry about the landlord nor do they have to pay a monthly rent. Hence, they can modify their home according to their needs and wants and feel secure in it. For many, the home is like a heaven and so they spend quite a fortune on designing and decorating it. Some people, on the other hand, consider their home as an investment which they expect to appreciate in value in the future.

All in all, I feel that whether owning a home is a positive or negative situation is quite subjective, depending on the circumstances of the person. For people who have the money to buy a big house and few financial liabilities, their house is an asset and owning a house is a positive situation for them. However, most of the middle class families buy a big house which is often out of their budget. They fund this by taking out huge loans and end up repaying the amount over a very long time. This increases the interest they have to pay. In addition to this, they have to pay property taxes and insurance which are directly proportional to the area of a home. Furthermore, the electricity and maintenance costs get added to their everyday expenses.

To conclude, I feel that owning a home can be a pleasurable experience if done within a budget. However, it could turn into a negative situation when a person buys a home by getting a loan that is way beyond his repaying capacity.

In some countries owning a home rather than renting one is considered very important – Band 7 essay sample

No one in the right mind can contest the argument that owning a house is better than renting it. I am inclined to believe that owning a place to live in is the most important part of life.

To begin with, I truly believe that buying a property is the best investment, no matter which country you live in. However, it is more challenging to buy one in some countries like Iran as you need to pay the whole price in cash. In countries such as Canada the economy is strong enough to provide loans for buyers. Therefore, one could purchase a property with a small down payment and pay the rest of the amount as monthly instalments. Another paramount factor that needs to be considered is that rents tend to increase year after year and this means stress and anxiety for people who live in rented places. They have to cut out some expenses to meet the ends. Ultimately the life quality decreases day by day and thus life dissatisfaction increases. People feel more secure in their owned property as they do not have to deal with the aforementioned problems. 

On the other hand, buying a house or an apartment would be stressful for some people as they cannot afford it. If we consider this matter as an important aspect of life for everyone, it takes away joy from some people’s life. They struggle all their life to own a property without enjoying a bit of it. 

On the basis of aforementioned reasons / reasons mentioned above, I am convinced that people should invest their money in a property if they can afford it rather than waste it on rents. However, it is not applicable to everyone’s lifestyle.

In some countries owning a home rather than renting one is considered very important – Band 7.5 IELTS essay sample

In certain parts of the world, people prefer to a buy a home rather than rent it.  This is mainly because an owned home is an asset that people can be proud of. In my opinion, this is largely a positive development because owning property is a good way of investing your money.

A house is an asset whose value will increase over time. Owning a home can enhance your social standing. In my country, India, for example, people who live in rented homes are considered poor. Another advantage of buying is that you can pass down the property to your children. There are several other advantages too. You do not have to move frequently. You can design the space according to your preferences. None of this is possible if you live in a rented home.

In my opinion, the importance attached to home ownership is largely a positive development. A home is an asset whose value will only increase over time. By contrast, you have no equity in the home lease despite paying rent every month. Of course, if people are under pressure to own a home it does become a negative development and in my opinion such tendencies should not be promoted.

In conclusion, the emphasis on buying a home is by and large a positive development as it is a wise way of investing your money. However, putting people under pressure to own a home is certainly not a good idea. Hence, I believe that people who can afford to buy a home should definitely do it. However, those who cannot afford it should not feel bad about their inability.

In some countries owning a home rather than renting one is considered very important – Band 8 IELTS essay sample

People living in some nations firmly believe that it is better to own a house than rent it. This essay will first discuss the reasons that encourage people to buy homes and then explain whether this development is positive or negative.

It is irrefutable that housing plays a crucial role in our life; hence, all people want to have a place for their living. In specific societies with high level of urbanization and economic welfare, people who can afford it tend to buy homes. The main advantage of owning your space is that you do not have to pay rent which in many cities will be equal to the monthly EMI you will be paying on your mortgage. In this case, buying is a much better option for people because they have equity in their home. When they live in a rented house, however, the money they pay as rent does not earn them any equity. Another reason that encourages house ownership is the prestige associated with it. In nearly all societies, people who live in their own house are considered more affluent and successful. A home is also an asset that you can pass down to your children.

Personally I believe that buying a home is certainly a good idea because it is an opportunity for people to build wealth. The home will definitely appreciate in value over the years. Also, nowadays, the interest rate on home loans is quite low. Therefore, people can take advantage of this situation and use the money they will be paying as rent to pay off the mortgage and own their space. The main disadvantage is that home ownership is not suitable for people who have transferable jobs. Also, only those people who have saved enough to make the down payment of their home can qualify for mortgage.

To conclude, people prefer to buy their homes because it is an opportunity for them to build wealth. Also, it elevates their social status. In my opinion, the preference to buy is largely a positive development; however, people who cannot afford to buy should not have to feel bad about their inability. After all, it depends on each person’s individual situation.

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In some countries owning a home rather than renting one is considered very important – Band 7 essay sample

Citizens of some countries think that buying a house is much more beneficial than renting one. In this essay, I will explain why the obsession with home ownership is not always beneficial for people.

People in general love to be independent and it is a dream come true for them to buy a place of their own. It is a place where they can spend time with their near and dear ones without others’ interference, and this might not be entirely possible in a rented apartment. Secondly, owning a home is associated with higher social status especially in this age of social media where people showcase their homes for all to see and admire.

However, I believe that buying a house, especially in today’s scenario does more harm than good. To begin with, buying a house in recent market conditions hardly makes good financial sense due to the exorbitantly high land prices. A market survey in 2021 revealed that over 70% of the working class in India are laden with debt and will fail to clear the loans disbursed to them for buying their  dream homes. Lastly, owning a property entails its maintenance charges and huge recurring costs like electricity bills, repairs, etc. In the event of a person shifting to a different location for their jobs, the immovable assets become nothing more than a liability.

In conclusion, the younger generation’s need for a place of their own and the prestige associated with it are the factors leading to the trend of buying a home.  However, the enormous upfront investment, running costs as well as the fleeting and transferable nature of today’s jobs make the idea of owning a house less advantageous.

In some countries owning a home rather than renting one is considered very important – Band 8 IELTS essay sample

For most people in some nations, it is extensively vital to own their property instead of being a tenant. The prospect of elevating one’s social standing along with the opportunity to build assets for future generations encourages them to buy a home. In this essay, I will analyze the reasons that prompt people to buy homes and prove why it is not a positive development.

On the one hand, for a middle-class family, buying a home or apartment essentially gives a sense of security for their young generation. A home is an asset whose value will only increase over the years. It is something you can pass down to your children. In many societies, a home elevates your social status. Most importantly it eliminates the need to frequently move from one rental home to another rental home.

On the other hand, the interest rate on housing loans has always been remarkably high in most countries. Those who rely on a mortgage to purchase property have to pay back an extremely huge sum with an increasing rate of interest and this often defeats the purpose of investing in a home. A study shows that borrowers end up paying nearly double the amount they borrowed over the tenure of the mortgage. This is not beneficial especially if property prices remain stagnant. By contrast, if they had invested that money in more profitable ventures like shares, they may earn more.

In conclusion, people buy homes because it elevates their social standing. However, when we look at this situation from the perspective of an investor we can see that a home is not always a wise investment. Hence, I believe that this obsession with home ownership is not a positive development.

In some countries owning a home rather than renting one is considered very important – Band 8 IELTS essay sample

Buying a house or an apartment has become very popular among people in some countries. They believe that purchasing a property is more beneficial / significant than renting one. I feel this is a positive development and this essay will explain why it is beneficial in the long run.

To begin with, home ownership is less expensive in the long run. People who lease a property have to pay their rent every month. Since the rent has increased considerably over the years, there is not much difference in the lease and mortgage payments. For example, tenants pay on average $1500 per month towards their rent in the USA whereas home-owners pay roughly / around $3000 per month towards their mortgage. If one compares the total amount of money paid towards living accommodation, lease payments will undoubtedly surpass the mortgage payments. Another advantage of buying is that it builds equity. You will pay mortgage for 15 or 20 years and after that period, you have a property in your name. In all likelihood, its value will have appreciated significantly. You can then pass it down to your children.

In addition, buying a home eliminates the need to move frequently. One can stay in one’s home for as long as one wants. People leasing the property have to move to a new establishment on expiry of the lease. For instance, on average, people living in rented homes move 7 times in 10 years. Certainly, humans want to live stress free at home; however, moving every time the lease expires creates mental stress to these people. Thus, people can remove the trouble of having to frequently move to different properties by purchasing a home for themselves.

In conclusion, although leasing a property is more affordable due to less payment involved initially, it definitely becomes an issue in the future. Therefore, I believe that purchasing a home is more beneficial to people who can afford it.

In some countries owning a home rather than renting one is considered very important – Band 8 IELTS essay sample

In many countries, residents still prefer to own their homes; however, in the more developed countries, they prefer to rent rather than own because of affordability factors, property taxes, and maintenance costs. In addition to financial barriers, changing culture is another influencer. A lot of people, these days, are migrating for jobs; therefore, it does not make much sense for them to stay anchored to a particular location by acquiring property there.

There are several advantages to renting. For a small family, renting a property helps them keep their expenses in check by avoiding mortgage interests, property taxes, and expensive maintenance. For example, in the state of Texas, USA, residents pay as much as 10 to 12 thousand dollars in property taxes a year. That is roughly the same amount they need to rent a two-bedroom apartment. In addition to taxes, mortgage interest could be anywhere between 8% and 12% for a family with average credit scores. Even though mortgage interest is tax-deductible in most countries, it is something the family needs to cough up each month. In addition to expenses, flexibility is another significant factor. The job market trends are evolving all the time and the demand is shifting from one city to another. The cost of moving is much less if the residents are renting rather than owning; owning also restricts cash-flow temporarily because selling a property takes time.

On the flip side, there are several disadvantages to renting that people should take into account. In the past, families remained integrated because of their ancestral homes and its emotional value. We are already seeing that families are drifting apart because they do not have the anchor to hold them together through time. In addition, those who live their entire life in rented homes spend a considerable amount of money on rent which could have been saved for their retirement. For many, it is helpful to fully own the housing to manage through the ups and downs of retirement.  Finally, monthly rent is an expense as opposed to mortgage payments that build assets / equity for the owners. Over time, an owned property is another asset that holds financial value.

In conclusion, there are many advantages and disadvantages to renting and owning a property. Those who are in the decision-making process should carefully weigh the pros and cons before making a decision, rather than simply considering the monthly expenses.

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22 Responses

  1. Niraj Sharma says:

    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. I definitely believe that it cannot be a positive situation.

    Firstly, 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.

    In my opinion, 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.

  2. Anuja Shah says:

    People have the whim of purchasing objects rather than renting them, this is found universally and not limited to any particular race, caste or creed. I will discuss why this might be the case along with the positive side of the situation.
    Owning an asset has altogether a different experience, people get a sense of ownership which is quite significant to the large number of individuals. One more possibility to this situation is that renting might be like a burden for the family, furthermore they might also feel a bit distant from the house since they don’t feel the connectivity as they don’t own it, which should not be the case. There are many more complications like, uttermost care of that object should be taken, not a single blister should be found or one might have to face the consequences. In addition to that, the conditions of the lender must be complied with as well. For instance, when I visited a store to rent a dress, they handed me a list of things to be taken care of, which made me feel quite obligated and I thought purchasing would be a much more easier option.
    Home is altogether a different emotion, it has to be a safe place for every individual. If renting a home is bothered by certain people, they will definitely opt for buying it, be it in monthly installments or with the aid of a loan. I feel it has a positive side, since individuals won’t feel unwelcomed, they get to live on their own terms rather than someone else’s. They are free to move and do whatsoever they would like to. Furthermore, they get to create their own sets of rules and regulations rather than following them.
    To sum up, I believe just for mere satisfaction or sense of belonging people would opt for buying a house instead of renting it which has its own positive side at large.

  3. Louis says:

    It has been suggested that owning a house is essentially important for an individual in this day and age compared to renting one. There are a plethora of reasons for this phenomenon. In the following paragraphs, I will explain some tangible benefits of possessing a house.
    There exist several causes why many people prefer purchasing a house to renting. First and foremost, it is readily apparent that many people are eager to show off their wealth and prosperity. In other words, some believe that owning a house can upgrade their social status to some extent and they oftentimes take pride in the size and the condition of their house. In addition, in modern days, since people are craving for freedom, they are longing to decorate their own house with their style, changing the configuration of the furniture whereas rental houses may have stringent rules imposed by landowners.
    Next, the potential advantages of buying a house should not be underestimated. Firstly, it is obvious that although possessing a house can be stressful at first, it is advantageous in the long-term. This is hugely because owners do not have to agonize over the rents. Furthermore, it should not be forgotten that the number of homeless people can be reduced. This may be due to the fact that even if the homeowner becomes unemployed, at least he has a shelter to live in. Thus, not only does possessing a house decrease the level of concern financially, but it also offers a permanent place to dwell in.
    To sum up, while renting a house can be beneficial in one way or another, it is overshadowed by the merits of owning a house. Therefore, I would suggest people invest in a house as it could bring many multi-faceted advantages according to the aforementioned reasons.

  4. San Lei says:

    Today, many people value thier home much more important than renting one. While living in a self-owned home gives a feeling of security and stability, there are negative situatuin to insist on owning properties. In my opinion, whether it is a positive or negative, situations depends on many factors.
    At the begining, people owning a home do not have to worry about not only the landloard also pay a monthly rent. Furthermore, they can modify their homes according to their needs and wants. Additionally, by investing their money in home, they could make extra money. For example, in travel season, they can rent their homes to traveller who are in their citites for many purposes, which consider as another source of income for them.
    On the contratry, people often hire a house as it saves a massive amount of money than purchasing a property which requires a great deal of money. Renting a property helps them minimize their budget. Teneants can advoid the mortage interest, property taxes and expensive maintenance. Moreover, renters can change the living place based on the location of their workplace.
    To conclude, I feel that having a home were be advantageous if they could buy a house within their budget. However, it could turn into a negative situation when they buys a home by using a loan which is way beyond their repaying capacity.

  5. Arian says:

    In some nations, people tend to think that owning a home is much more important than renting one. There are a large number of reasons for this view. From my point of view, this is either a positive or negative situation based on many factors.
    On the one hand, people owing a house could decorate as well as change the construction of the house with their style whereas rental houses may have stringent rules imposed by landowners. In other words, they do not need to go through the landlord’s opinion to renovate the place they are staying into a place that gives them a sense of comfort and familiarity and feel secure in it . In addition, owners do not have to face compensation if they accidentally damage the house. Thus, this saves them unnecessary troubles. For instance, when people visited a store to rent a dress, owners handed them a list of things to be taken care of, which made them feel quite obligated and people tend to think purchasing would be a much more easier option.
    Generally, owning a home can be a good or bad situation depends on different cases. For those who have to borrow money to buy a house, that makes them have to live very frugally to pay for loan interest as well as other expenses, that case is quite a negative side. On the contrary, for someone with a stable job with a high income, it is a positive as a home can be considered as an investment for the future. For example, people who want to own a home in any US state must also have the financial ability to pay for things such as property taxes, infrastructure fees, insurance, and other similar things.
    To conclude, I belive that the assessment of having a home is better than renting one is quite one-sided. However, owning a valuable property bought by their budget like a home is also quite an enjoynable feeling.

  6. Tannu says:

    Many People in some nations consider owing a home much more important than renting one. Self- owned home creates a feeling of security and comfortable between People . According to my opinion owing a home rather than renting depends on various factors

    People feelings for their self-owned home is much better.because they earn money for luxury lifestyle.every person wants to build their own home.because there is no worry for landlord or nor paying rently month.

    All in All, This is a subjective situation. To build own home . We invest money .It is a feeling of wealth for those who have capable of paying for home.
    However, Most of the middle class families buy a house which often out of their budget. They fund this by taking loans from banks which creates burden on them.In addition they pay property tax , electricity and maintenance charges which is beyond their paying capabilities.

    In conclude, I feel that owing a home is enjoyable experience if we are wealthy,
    This is negative situation for those people who borrowed money from finnincal institution.

    • Manjusha Nambiar says:

      This seems band 6 to me. There are lots of punctuation mistakes. Both grammar and content need improvement. Try to write at least 250 words.

  7. Ashik Acharya says:

    Home ownership instead of renting it holds high importance for people in some nations. This essay will discuss the reasons why people prefer buying house over renting one and it will explain why this trend is a very bad thing.

    People prefer buying a house to gain a sense of security. While anyone can live peacefully in a rented house, they always feel anxious about the possibility of the landlord kicking them out of the house. Moreover, rented houses are generally some large residential buildings where multiple families live. People could face a lot of difficulties while sharing a building. For instance, a family could be disturbed at night by partying bachelors living upper-floor. However, inside a private house, no one has to face such difficulties. Thus, people could prefer owning a house over living in a rented house so that they can experience more privacy and gain of feeling of security.

    Even though home ownership can provide several benefits to the owner, it is disastrous for the economy, environment as well as for the working class. Firstly, when a huge amount of money is spent by the citizens for owning a house, the country’s economy lacks money for productive things like industry, business, etc. Instead of spending the money on home ownership, the people ought to invest the money on productive businesses. Secondly, from the environmental perspective, home ownership leads to loss of more land. Generally, the rented buildings are tall in size and accommodate multiple families because of which less land per capita is used. Finally, if many people start to buy houses, the poor working class could face high rent due to growing housing market bubble. For example: due to many people already purchasing small houses, no land space has been left in California to construct rental apartments due to which the rental costs for the apartments have skyrocket in that region.

    To conclude, despite having obvious benefits for the owners, house ownership is detrimental to the economy, environment and the working class.

  8. Umida says:

    In some nations people think that having own home better than borrwing one.Owning home created self security and comfortable zone for their life.From my point of view, having own home has more advantages that renting.However,in this essay both arguments will be thoroughly analyzed.
    On the other hand, people who have own home cant be capable of the rent of accomadation,furthemore they dont be worried about any taxes.Additionally they can do all things that u want to do in their home without any restricions.
    In the contrary , it can be seen that having own home has some disadvantage sides. Firstly, u should be responsible all the things that are in your home like garden, water, gas , electricity ect. Secondly, it has many reconstrucions when the condition of home of yours is getting worse. In these case you may lose a lot of money for your home.
    In conclusion, in spite of owning home has cons sides for me it is comfortable in any situation.

  9. Reika says:

    Nowadays we cannot predict what will happen one year later or even a few months later, this brought some people to believe that it is vital to own a house instead of renting it.

    To begin with, each person has different professions and economic status, which creates different conditions. Some of the people are confident in their stable income, and some are afraid to lose their freedom when they no longer earn money. This cause, some people feel that having a house is important to protect their routines.

    Renting a house means that there are annual payments and more realization to be responsible because it is not our own house and if the time comes when we could not afford the rent fee, we are ready to lose everything. As an instance, an employee is suddenly fired by the company and no longer could pay for the renting cost which makes no place to live, but if she or he had bought a house before, then they still have a place to live.

    However, owning a house needs more money to spend, and always put in mind the housing market. To keep the building cost as high as possible, renovation and construction are needed annually. For instance, the house wall is cracked, to reduce the drop in sales there is a need to fix them before selling them to someone.

    Considering both positive and negative situations, I truly believe that homeownership is a necessary thing in enjoying a balanced life. Even more, money is needed, the freedom given is much more than renting a house.

    In conclusion, there are a lot of people concerning about having their own house in the consideration of their profession and income. I strongly believe that having a house owner could give us a more enjoyable and relaxing life.

  10. Reika says:

    Thank You!!

  11. hiya says:

    Home is a kind of place where people can find peace. Nowadays individuals from some nations prefer to have own house instead of rent. From my perspective, having a personal property have a list of benefits, it saves money and it is easy to decorate or personalize home as per our choice.
    First of all, when anyone has his personal property that actually gives him a lot of mental strength because he doesn’t need to worry about the money to pay rent. And I believe, for that reason, there is better chance to save money as well as he can use that money in some other purposes. For example, in Bangladesh people who owned a house they can spend more money on their children’s education or some owners save that money for future. Furthermore, there is a great chance to use the savings amount in business purposes.
    Secondly, a house owner has the full rights to change decoration as per their direction whereas tenants always have to take permission from the owner if he wants to personalize the home as his own thoughts. For instance, A house owner in Bangladesh can easily do some interior or some exterior changes example like adding a new balcony or changing general room to a master bedroom.
    To conclude, I consider that having a home is much convenient than to be a renter as there is a chance to save money and also a chance to spend them in various ways and another benefit is it is more straightforward for owner because there is an opportunity for personalization.

    • Manjusha Nambiar says:

      This seems band 6.5 to me. I didn’t count the number of words in your essay. Aim to write at least 250 words.

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