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 rent $2,400 Monthly
30 EVANS DRIVE, Prince Edward County, Ontario

30 Evans Drive

Prince Edward County, Ontario

3 Bedroom 3 Bathroom 1,500 - 2,000 ft2
Homelife G1 Realty Inc.
For sale OPEN HOUSE $585,000
412 BLOOMFIELD MAIN STREET, Prince Edward County, Ontario

412 Bloomfield Main Street

Prince Edward County, Ontario

4 Bedroom 1 Bathroom 1,500 - 2,000 ft2
Exp Realty
For sale $2,398,000
17129 LOYALIST PARKWAY, Prince Edward County, Ontario

17129 Loyalist Parkway

Prince Edward County, Ontario

3 Bedroom 3 Bathroom
Chestnut Park Real Estate Limited
For sale $471,000
31 WILKINS STREET, Belleville, Ontario

31 Wilkins Street

Belleville, Ontario

1,600 ft2
Save Max Real Estate Inc.
For rent $1,500 Monthly
60-A CARRYING PLACE ROAD, Quinte West, Ontario

60-A Carrying Place Road

Quinte West, Ontario

3,546 ft2
Ekort Realty Ltd.
For sale $850,000
7 TWELVE TREES COURT E, Prince Edward County, Ontario

7 Twelve Trees Court E

Prince Edward County, Ontario

3 Bedroom 3 Bathroom 1,500 - 2,000 ft2
RE/MAX West Realty Inc.
For sale $600,000
20 FIRST AVENUE, Prince Edward County, Ontario

20 First Avenue

Prince Edward County, Ontario

4 Bedroom 2 Bathroom 1,100 - 1,500 ft2
Keller Williams Energy Real Estate
For sale OPEN HOUSE $889,000
165 TRENTSIDE LANE, Quinte West, Ontario

165 Trentside Lane

Quinte West, Ontario

5 Bedroom 2 Bathroom 2,500 - 3,000 ft2
RE/MAX Hallmark Realty Ltd.
For sale $850,000
7 TWELVE TREES Court E, Wellington, Ontario

7 Twelve Trees Court E

Wellington, Ontario

3 Bedroom 3 Bathroom 1,890 ft2
RE/MAX West Realty Inc.
For sale $664,900
75 FARMINGTON CRESCENT, Belleville, Ontario

75 Farmington Crescent

Belleville, Ontario

3 Bedroom 3 Bathroom 2,000 - 2,500 ft2
RE/MAX Rise Executives
For sale $729,900
18 HORTON COURT, Belleville, Ontario

18 Horton Court

Belleville, Ontario

2 Bedroom 2 Bathroom 1,100 - 1,500 ft2
Royal LePage Proalliance Realty
For sale $860,000
511 SMITH STREET, Brighton, Ontario

511 Smith Street

Brighton, Ontario

3 Bedroom 3 Bathroom
Royal LePage Proalliance Realty
For sale $405,000
294 ENGLISH SETTLEMENT ROAD, Quinte West, Ontario

294 English Settlement Road

Quinte West, Ontario

3 Bedroom 1 Bathroom
Royal LePage Proalliance Realty
For sale $950,000
25 SHEWMAN ROAD, Brighton, Ontario

25 Shewman Road

Brighton, Ontario

3 Bedroom 3 Bathroom 2,500 - 3,000 ft2
Royal LePage Proalliance Realty
For sale $499,900
10 LAKE COURT, Belleville, Ontario

10 Lake Court

Belleville, Ontario

6 Bedroom 2 Bathroom
Royal LePage Proalliance Realty
RE/MAX Quinte Ltd.
For sale $529,900
19 DEWAL PLACE, Belleville, Ontario

19 Dewal Place

Belleville, Ontario

3 Bedroom 2 Bathroom
RE/MAX Quinte Ltd.
For sale $885,000
1467 COUNTY ROAD 19, Prince Edward County, Ontario

1467 County Road 19

Prince Edward County, Ontario

2 Bedroom 2 Bathroom 1,100 - 1,500 ft2
RE/MAX Quinte Ltd.
For sale $629,900
1375 GLEN MILLER ROAD, Quinte West, Ontario

1375 Glen Miller Road

Quinte West, Ontario

4 Bedroom 2 Bathroom
RE/MAX Quinte Ltd.
For sale $449,000
331 VICTORIA AVENUE, Belleville, Ontario

331 Victoria Avenue

Belleville, Ontario

3 Bedroom 2 Bathroom 1,100 - 1,500 ft2
Royal LePage Proalliance Realty
For sale $699,000
2018 COUNTY ROAD 17 ROAD E, Prince Edward County, Ontario

2018 County Road 17 Road E

Prince Edward County, Ontario

Homelife Landmark Realty Inc.
For sale OPEN HOUSE $499,900
25 MCCANN STREET, Quinte West, Ontario

25 Mccann Street

Quinte West, Ontario

4 Bedroom 3 Bathroom
Exit Realty Group
For rent $1,600 Monthly
3 - 216 216 MACDONALD AVE AVENUE S, Belleville, Ontario

3 - 216 216 Macdonald Ave Avenue S

Belleville, Ontario

1 Bedroom 1 Bathroom
First Class Realty Inc.
For sale $299,900
32 MCKENZIE LANE, Prince Edward County, Ontario

32 Mckenzie Lane

Prince Edward County, Ontario

RE/MAX Rouge River Realty Ltd.
For sale $899,000
1557 FRANKFORD STIRLING ROAD, Quinte West, Ontario

1557 Frankford Stirling Road

Quinte West, Ontario

4 Bedroom 3 Bathroom 1,500 - 2,000 ft2
RE/MAX Hallmark Realty Ltd.