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WRITING TASK 2 (ESSAY WRITING)
Cambridge Volume 15 -AC Test 1
You should spend about 40 minutes on this task.
Write about the following topic:
In some countries, owning a home 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.
Answer
In certain nations, home ownership is considered to be of great significance. There are several reasons for people to own a home and I vehemently believe that it is an unfavorable trend as it has financial challenges and geographical constraints.
To commence with, one of the major reasons why people own a home is because it gives financial stability and security in the long run. Elaborating on this, home ownership offers equity building, profit potential from property value appreciation, and the ability to use it as collateral for the future investments. For instance, a home could be used as collateral for home equity loan or line of credit, which allows the homeowners to borrow money from the bank. Additionally, owning a home gives a sense of permanence and stability, as it provides a sense of belonging and a place to call one’s own.
Nevertheless, the potential downside of prioritizing home ownership over renting could be the financial burden. To brief, in the early stages of ownership when a huge amount of money is utilized for the down payment and the mortgage payments are high, it could be troublesome for the owner to manage the finances which may in turn limit one’s ability to pursue other investments or financial opportunities. Moreover, owning a home can limit mobility and flexibility, as it is challenging to move for job opportunities. This can be difficult in industries or occupations that require frequent relocation. Finally, unexpected costs such as repairs or maintenance can add to the financial burden of home ownership.
In conclusion, private home ownership is preferable by many since it fosters financial security and a sense of belonging; however, this tendency boils down as a negative one since it results in monetary strain and limits geographic flexibility.