There are millions of reasons why you should own a property. Property investment pays off in long run. Renting is just as bad as throwing money away when you are able to afford a property. But exactly how do you benefit from owning your own property? The following is a review of why you should stop renting and start owning.

Real estate investment is considered a safe and steady invement with values that rise while debt amount drops. If you take a peek at the price change in real estate market in Lower Mainland, you will be amazed with how lucrative the apprciation rate has been since 2002. With continuous growth in population and land unable to be reproduced, the market demand is predictably climbing. A long-term investment? Yes. Harvard University's Joint Center for Housing Studies indicate a dramatic increase in the rate of return on housing the longer it's held. For example, a buyer who makes a 10 percent cash down payment with an annual home appreciation rate of 5 percent could expect a 94 percent return on the cash after three years of homeownership . After five years, the return increases to 225 percent, and after 10 years, a whopping 623 percent.

Rents are subject to change priodically, and renters have no idea how much they will be paying down the road. If you own a home with a fixed-rate mortgage, you will pay around the same amount for up to 30 years compared to renting a suite. Even those with adjustable rates have a cap and can figure out their maximum potential mortgage payment. Rent money will not appreciate but your investment will. So, what's holding you back?

Houses with second suites help you generate extra income. A suite with 1 kitchen and 2 bedrooms ranges from $700 to $900 depending on the location of your property. If you do the math, we are talking an approximate amount of tens of thousands dollars every year. With such an income, it helps facilitate your mortgage burden. Another income source comes from international students' demand for homestaying service. You can find more information regarding the homestay program from your local primary or secondary school. Or the suites can be used to help your just graduated children who need an affordable rental suite before moving out. The possibilities are endless.

Owning a property gives you more freedom than renting one. You will never have to worry about complaints about you being too loud from your landlord or being forbidden to do certain things during certain hours. Or you don't have to endure the noises created by your landlord from upstairs. Also, you are limited to customize the rental unit to your liking, not to mention putting in carpet/tile/window coverings. Since your landlord wants to keep his expenses to a minimum, he or she will probably not be spending much to improve the place, either. There is so much freedom you can enjoy when you own yours.

The portion of property that's actually owned, or equity, also rises over time. "Owning a home allows you to build the equity that accompanies appreciation," explains Timothy Spangler, CEO of a real estate investment company and author of "From the Rat Race to Real Estate." He adds, "You can't build equity if you are a renter. What's more, a first home often leads to a better second home. Equity buildup and appreciation in a first home help in the transition to a second.