As realtors, We’re often asked about new and innovative ways to invest in the real estate market. One approach that’s gained popularity in recent years is “house hacking.” 

What is house hacking?

House hacking is a type of investment strategy that allows real estate investors to maximize the potential of their investment by leveraging rental income to cover the costs of their mortgage, taxes, and other expenses associated with owning a property. Essentially, house hacking involves purchasing a property with multiple units (such as a duplex, triplex, or quadplex) and living in one of the units while renting out the other units to tenants. The rental income generated from the other units can then be used to offset the owner’s living expenses.

Benefits of House Hacking

One of the most significant benefits of house hacking is the potential for generating additional supplemental income. By renting out the other units, you can earn rental income that can help offset your mortgage payments, property taxes, and other expenses. This can be particularly helpful for first-time homebuyers who are looking to get into the real estate market but may not have a lot of disposable income to spare.

Lower Monthly Expenses

Another advantage of house hacking is that it can help lower your monthly expenses. By living in one unit and renting out the others, you can reduce your housing costs significantly. Additionally, if you choose to purchase a multi-unit property with a lower mortgage payment than you would typically qualify for, you can use the rental income to pay down the mortgage faster or invest in other properties.

Build Equity

Owning a property can be a smart way to build equity over time through investing. With house hacking, you have the potential to build equity more quickly by using rental income to pay down your mortgage faster. Additionally, when or if you choose to sell the property down the road, you have the opportunity to benefit from any appreciation in the property’s value since the time you originally purchased it.

Tax Benefits

Finally, house hacking can offer several potential tax benefits. For example, you can deduct your mortgage interest, property taxes, insurance premiums, and other expenses associated with owning and operating the property. Additionally, you may be able to claim depreciation on the portion of the property that you rent out, further reducing your taxable income. However, we are not professionals on tax advice and suggest you speak with a tax expert before house hacking or purchasing an investment property. 

House hacking is an excellent strategy for real estate investors looking for crafty ways to generate additional income, lower their monthly expenses, build equity, and enjoy potential tax benefits. If you’re interested in exploring this investment strategy further, it’s essential to work with a knowledgeable real estate professional who can help you find the right property and navigate the complex legal and financial aspects of real estate investing. Good thing you’re already in the right place to find one of said realtors. 

Newest MLS listings in Quinte and PEC

Browse the most recent MLS houses for sale in the Quinte area and Prince Edward County. Search real estate listings to find exactly what you’re looking for and narrow results. Ready to book a showing? Fill out the form on the listing page or email hello@quinteliving.com.

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For sale $599,998
58 FOURTH AVENUE W, quinte west, Ontario

58 Fourth Avenue W

Quinte West, Ontario

4 Bedroom 6 Bathroom
Royal Heritage Realty Ltd.
For sale $759,000
1 MCFARLAND DRIVE, prince edward county, Ontario

1 Mcfarland Drive

Prince Edward County, Ontario

2 Bathroom 1800 sqft
RE/MAX Quinte Ltd.
For sale $589,999
5 KARL STREET, belleville, Ontario

5 Karl Street

Belleville, Ontario

5 Bedroom 7 Bathroom
Royal LePage Flower City Realty
For sale $525,000
4 MINOLA STREET, quinte west, Ontario

4 Minola Street

Quinte West, Ontario

4 Bedroom 2 Bathroom
The Agency
For sale OPEN HOUSE $649,900
93 REDWOOD DRIVE, belleville, Ontario

93 Redwood Drive

Belleville, Ontario

3 Bedroom 3 Bathroom
Royal LePage Signature Realty
For rent $2,400 Monthly
UNIT A - 44 NORTH PARK GARDENS, belleville, Ontario

Unit A - 44 North Park Gardens

Belleville, Ontario

3 Bedroom 1 Bathroom
Exit Realty Group
For sale $619,000
1 - 31 KEEGAN PARKWAY, belleville, Ontario

1 - 31 Keegan Parkway

Belleville, Ontario

3 Bedroom 4 Bathroom
RE/MAX Quinte Ltd.
For rent $2,300 Monthly
42 - 35 HEARTWOOD DRIVE, belleville, Ontario

42 - 35 Heartwood Drive

Belleville, Ontario

3 Bedroom 3 Bathroom
Royal LePage Proalliance Realty
For rent $1,600 Monthly
4 - 275 FRONT STREET, belleville, Ontario

4 - 275 Front Street

Belleville, Ontario

1 Bathroom
Royal LePage Proalliance Realty
For sale $749,900
7 ALLEN STREET, prince edward county, Ontario

7 Allen Street

Prince Edward County, Ontario

4 Bedroom 3 Bathroom
Royal LePage Proalliance Realty
For sale $674,900
22 SABRINA AVENUE, quinte west, Ontario

22 Sabrina Avenue

Quinte West, Ontario

3 Bedroom 2 Bathroom
Royal LePage Proalliance Realty
For sale $535,000
8 LAKE COURT, belleville, Ontario

8 Lake Court

Belleville, Ontario

3 Bedroom 1 Bathroom
Royal LePage Proalliance Realty
For sale $449,900
12 RICHARD STREET, quinte west, Ontario

12 Richard Street

Quinte West, Ontario

4 Bedroom 2 Bathroom
Royal LePage Proalliance Realty
For sale $544,900
16 LINCOLN DRIVE, belleville, Ontario

16 Lincoln Drive

Belleville, Ontario

4 Bedroom 3 Bathroom
Coldwell Banker Dream City Realty
For sale OPEN HOUSE $675,000
46 TALBOT STREET, prince edward county, Ontario

46 Talbot Street

Prince Edward County, Ontario

2 Bedroom 2 Bathroom
Century 21 Lanthorn Real Estate Ltd.
For sale OPEN HOUSE $869,900
844 WILL JOHNSON ROAD, quinte west, Ontario

844 Will Johnson Road

Quinte West, Ontario

4 Bedroom 4 Bathroom
Royal LePage Proalliance Realty
For sale $385,000
289 WILLIAM STREET, belleville, Ontario

289 William Street

Belleville, Ontario

2 Bedroom 2 Bathroom
Exit Realty Group
For sale $615,000
3112 HIGHWAY 62, prince edward county, Ontario

3112 Highway 62

Prince Edward County, Ontario

3 Bedroom 1 Bathroom
RE/MAX Quinte Ltd.
For sale $529,900
15 OTONABEE STREET, belleville, Ontario

15 Otonabee Street

Belleville, Ontario

3 Bedroom 3 Bathroom
Royal LePage Proalliance Realty
For sale $499,900
19 OTONABEE STREET, belleville, Ontario

19 Otonabee Street

Belleville, Ontario

3 Bedroom 2 Bathroom
Royal LePage Proalliance Realty
For sale OPEN HOUSE $664,900
5 WALNUT CRESCENT, belleville, Ontario

5 Walnut Crescent

Belleville, Ontario

3 Bedroom 2 Bathroom
RE/MAX Quinte Ltd.
For sale $699,900
36 ONTARIO STREET, prince edward county, Ontario

36 Ontario Street

Prince Edward County, Ontario

4 Bedroom 3 Bathroom
Royal LePage Proalliance Realty
For sale $283,900
112C - 223 NORTH PARK STREET, belleville, Ontario

112c - 223 North Park Street

Belleville, Ontario

2 Bedroom 1 Bathroom
Exit Realty Group
For sale $639,900
268 HARMONY ROAD, belleville, Ontario

268 Harmony Road

Belleville, Ontario

3 Bedroom 2 Bathroom
Royal LePage Proalliance Realty