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