Writing Task 2 - Two Part Question - Renting Vs Owning a home: Which one is better in your opinion?

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 a negative situation?

Sample Answer

Purchasing a house rather than living in a leased one is considered a crucial decision in one’s life in many nations. This mindset could be prevalent because owning a property means stability for some and gives them liberty in making decisions regarding its look and design. In my perspective, homeownership is costlier, both upfront and over the long run. 

One of the primary reasons why purchasing land is preferred by many people is that it brings permanency to their lives since they need not run for the renewal of the rent agreement or search for a new property if they are asked to vacate it. Other than that, they can build or renovate it as per their requirement without having to depend on the proprietor's consent. For instance, a lot of renters may file complaints against their landlord for not repairing leaking taps or roofs in a timely manner, which can disrupt the tenant's work-life balance. If the tenants had the freedom to do so, wouldn't they fix the issues themselves on time?

On the other hand, to my understanding, the overall money invested in purchasing a house is usually way higher than renting, even if the mortgage amount is lower than the rent. That becomes a liability in the long run instead of becoming a means of wealth. To elaborate, homeowners end up paying property taxes and insurance amounts, and in fact, the money they have to spend for repairs and maintenance is also way costlier than expected, which is always stressful for a homeowner. Secondly, certain factors need to be considered before one tout or rent the property to build wealth. For instance, money will be earned, only if the property is at a prime location, has trendy interiors, and has a friendly neighbourhood. Otherwise, instead of getting an extra source of income, it can even slash the original price.

To summarise,  after considering all the pros and cons associated with it, purchasing or renting a house is a significant decision to be taken by a person. For me, it provides people with more financial control if they go for a rented property instead of purchasing it.

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