Advantages of Owning Private Property


Advantages of Owning Private Property

Property in the legal sense of the term is what belongs to, with or by something, either as a physical feature or as an aspect of said entity. On the other hand, property in a practical sense is something that belongs to, that a person owns and that he can change without his detriment. The concept of property is very important for a society to exist. Without it, there would be no social order, no public or private property, no schools, roads, buildings, infrastructure, ports, franchises etc.

The concept of property has various shades and permutations. At its simplest, property signifies anything that a person can buy to increase his wealth. It can be any object that has definite utility and in return, the person who possesses it benefits in certain ways. In the same way, it can also mean anything that a person can do to benefit others. It can be anything that gives an advantage to the owner.

There are different forms of property. A parcel of land, for instance, can be considered as property. The value of the land is decided by the real value of the property, that is, its usefulness to people. Owning a parcel of land can be advantageous in certain ways.

First of all, ownership of property allows one to build on it. This gives him the advantage of increasing the value of the land through improvements. Also, in the process of improving the land, one does not have to put up with a poor soil and weather. By owning a parcel of land, a person gets the satisfaction of improving it and making it better and thus, increases its price. He can sell the property at a higher price if there are a large number of people interested in buying it.

On the other hand, there are several other advantages of owning property. One advantage is the right of exercising one’s choice in regard to the use of property. In the case of public property, there is always a limit to what one can do on it. In the case of private property, the owner has the complete freedom of using the property as he likes. Also, by owning private property, one can make additions or even remove them from time to time.

Another advantage of owning property is that taxes are less on such property than on public property. This is because there is no limit on the number of people who can stay on the property. People staying on the property do not contribute to the cost of maintaining it. However, in a typical public property, this may not be the case since the upkeep costs of a public property depend on the government. On the other hand, in private property, such costs are borne by the owner. Thus, by owning private property, one is able to contribute to his own taxes.