Sunday, May 26, 2024
Speak Your MindStriking a balance for homeowners and renters

Striking a balance for homeowners and renters

There is a popular saying that investing in real estate guarantees returns, and I wholeheartedly agree with this claim. Throughout my life, I have witnessed the price of real estate, buildings, and homes consistently rise. While the rate of increase may fluctuate, it has always been an upward trajectory, never a decline. Some speculate that the prices of vehicles may drop due to the recent permission granted for the import of fuel-based cars, particularly those already en route to the country. However, I remain skeptical of these rumors. While the rate of price increase for vehicles may slow down, a decrease is highly unlikely. I am confident enough to wager on this claim.

Returning to the topic of real estate, many individuals currently rely on their property investments for survival. Take my parents, for instance, who are retirees. The only income they have now stems from the house they own, which they rent out to others. Without this property, they would be left with nothing to sustain themselves. Similarly, there are other family members who lack sufficient qualifications for what society deems a “decent” job.

Consequently, their only source of income is the home they reside in, which they have divided into separate rooms and rented out to different individuals. If anything were to happen to this house, they would be left without sustenance, let alone shelter. Even renting a house necessitates a source of income, and considering their relatively advanced age, the prospects of generating alternative income seem bleak. Renting out a property, therefore, emerges as the most secure income stream I have come across to date. So it comes as no surprise that many investors opt to invest in homes and buildings. Once a property is built, you can rest assured that you have secured a reliable source of income.

Recently, the government has introduced regulations to oversee the house rental market. However, from my perspective, these regulations appear to lean in favor of renters, potentially infringing upon the rights of homeowners who rent out their properties.

It feels as though we, as homeowners, have been stripped of our control over our own homes. I do acknowledge the plight of those who do not possess their own homes and rely on renting from others for shelter. I also understand the need to protect renters from unscrupulous landlords who exploit them for financial gain. Nevertheless, I believe that such measures significantly undermine the rights of homeowners.

- Advertisement -

Personally, I do not believe that these measures can effectively solve the housing problem faced by our fellow citizens. While they may temporarily curb inflation in rental prices and safeguard renters’ rights, they fail to adequately consider the concerns of homeowners. Measures that benefit one party at the expense of another are unlikely to endure in the long run, based on my experience.

A sustainable solution to the housing problem in our country necessitates a twofold approach: an adequate supply of houses and a robust demand for them. Here, demand should not only be defined as the willingness to purchase a house but also the ability to do so. The first requirement calls for the active involvement of the government in providing sufficient housing for its citizens or enabling the private sector, including the banking and related industries, to cater adequately to the housing needs of the population. Increasing the affordability of housing is a broader economic issue. Only through comprehensive economic growth and advancement can we enhance the purchasing power of our fellow citizens.

Thus, while regulations in the rental market aim to protect renters, they should be mindful of the rights of homeowners. To effectively address the housing problem, we must focus on both the supply and demand aspects. The government should consider active participation in housing provision, while also fostering an environment in which the private sector can contribute to meeting the housing needs of our population. By striking a balance and adopting a holistic approach, we can work towards a more equitable and sustainable resolution to our nation’s housing challenges.

- Advertisement -spot_img


- Advertisement -


More like this

Budget deficit weighs heavy despite external debt relief

Purported, and temporary, savings of USD 1.44 billion in...

Private aviation operators skeptical of Authority’s commercial flight permit

Aviators argue unaddressed restrictions should take precedence The Ethiopian...

Dialogue Commission seeks government guarantee for armed groups’ participation in talks

Opposition party leaders say positive response is ‘unlikely’ The...

UN High Commissioner recommendations go unheeded in final transitional justice policy

A confidential document submitted to the Ministry of Justice...