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 $2,000 Monthly
30 CHATHAM ST, belleville, Ontario

30 Chatham St

Belleville, Ontario

2 Bedroom 1 Bathroom
Century 21 Lanthorn Real Estate Ltd.
For sale $425,000
105 CANAL ST, quinte west, Ontario

105 Canal St

Quinte West, Ontario

4 Bedroom 2 Bathroom
Royal LePage Proalliance Realty
For sale $469,000
18 STONE ST, belleville, Ontario

18 Stone St

Belleville, Ontario

3 Bedroom 1 Bathroom
Exit Realty Group
For sale $724,900
37 FOREST DR, brighton, Ontario

37 Forest Dr

Brighton, Ontario

3 Bedroom 2 Bathroom
Royal LePage Proalliance Realty
For sale $699,000
7 NAUTICAL LANE, brighton, Ontario

7 Nautical Lane

Brighton, Ontario

4 Bedroom 2 Bathroom
Harvey Kalles Real Estate Ltd.
For sale $809,900
60 JASPER AVE, prince edward county, Ontario

60 Jasper Ave

Prince Edward County, Ontario

2 Bedroom 2 Bathroom
Keller Williams Energy Real Estate
For sale $815,000
153 DUNDAS ST W, belleville, Ontario

153 Dundas St W

Belleville, Ontario

3 Bedroom 3 Bathroom
Royal LePage Proalliance Realty
For sale $629,900
586 ASHLEY ST, belleville, Ontario

586 Ashley St

Belleville, Ontario

3 Bedroom 1 Bathroom
Royal LePage Proalliance Realty
For sale $849,000
35 BEVAN DR, belleville, Ontario

35 Bevan Dr

Belleville, Ontario

5 Bedroom 3 Bathroom
Red And White Realty Inc.
For sale OPEN HOUSE $759,900
14 GLENWOOD ST, quinte west, Ontario

14 Glenwood St

Quinte West, Ontario

3 Bedroom 3 Bathroom
Royal LePage Proalliance Realty
For sale OPEN HOUSE $679,000
2 MARSHALL ST, prince edward county, Ontario

2 Marshall St

Prince Edward County, Ontario

3 Bedroom 3 Bathroom
Keller Williams Energy Real Estate
For sale $1,250,000
605 BARCOVAN BEACH RD, quinte west, Ontario

605 Barcovan Beach Rd

Quinte West, Ontario

3 Bedroom 2 Bathroom
Royal LePage Proalliance Realty
For sale OPEN HOUSE $799,900
44 SOUTH CHURCH ST, belleville, Ontario

44 South Church St

Belleville, Ontario

3 Bedroom 2 Bathroom
Royal LePage Proalliance Realty
For sale $719,900
75 FARMINGTON CRES, belleville, Ontario

75 Farmington Cres

Belleville, Ontario

3 Bedroom 3 Bathroom
Royal Heritage Realty Ltd.
For sale $814,750
373 PULVER RD, prince edward county, Ontario

373 Pulver Rd

Prince Edward County, Ontario

5 Bedroom 3 Bathroom
Exit Realty Group
For sale $340,000
314 SECOND AVE, prince edward county, Ontario

314 Second Ave

Prince Edward County, Ontario

1 Bedroom 1 Bathroom
Century 21 Lanthorn Real Estate Ltd.
For sale $169,900
#D-17 -153 COUNTY 27 RD, prince edward county, Ontario

#d-17 -153 County 27 Rd

Prince Edward County, Ontario

2 Bedroom 1 Bathroom
Royal LePage Meadowtowne Realty
For rent $2,300 Monthly
21 HERMAN ST, belleville, Ontario

21 Herman St

Belleville, Ontario

3 Bedroom 1 Bathroom
Royal LePage Proalliance Realty
For sale $425,000
407 ELMBROOK RD, prince edward county, Ontario

407 Elmbrook Rd

Prince Edward County, Ontario

3 Bedroom 1 Bathroom
Royal LePage Proalliance Realty
For sale $259,900
#407 -80 GRIER ST, belleville, Ontario

#407 -80 Grier St

Belleville, Ontario

2 Bedroom 1 Bathroom
Exit Realty Group
For rent $1,500 Monthly
#3 -2 VILLAGE DR, belleville, Ontario

#3 -2 Village Dr

Belleville, Ontario

1 Bedroom 1 Bathroom
RE/MAX Quinte Ltd.
For sale $155,000
0 RAMSAY AVE, quinte west, Ontario

0 Ramsay Ave

Quinte West, Ontario

Royal LePage Proalliance Realty
For sale $424,900
123 SIDNEY ST, quinte west, Ontario

123 Sidney St

Quinte West, Ontario

3 Bedroom 1 Bathroom
RE/MAX Lakeshore Realty Inc.
For rent $1,600 Monthly
16 CHATHAM ST, belleville, Ontario

16 Chatham St

Belleville, Ontario

1 Bedroom 1 Bathroom
Royal LePage Proalliance Realty