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 $654,000
67 CORTLAND WAY, Brighton, Ontario

67 Cortland Way

Brighton, Ontario

3 Bedroom 3 Bathroom 1,100 - 1,500 ft2
New Era Real Estate
For sale $269,900
517 DOWNS ROAD, Quinte West, Ontario

517 Downs Road

Quinte West, Ontario

0 - 699 ft2
Royal LePage Proalliance Realty
For sale $624,620
9 EVANS STREET, Prince Edward County, Ontario

9 Evans Street

Prince Edward County, Ontario

3 Bedroom 3 Bathroom 1,500 - 2,000 ft2
Our Neighbourhood Realty Inc.
RE/MAX Quinte Ltd.
For sale $624,620
7 EVANS STREET, Prince Edward County, Ontario

7 Evans Street

Prince Edward County, Ontario

3 Bedroom 3 Bathroom 1,500 - 2,000 ft2
Our Neighbourhood Realty Inc.
RE/MAX Quinte Ltd.
For sale $568,120
5 EVANS STREET, Prince Edward County, Ontario

5 Evans Street

Prince Edward County, Ontario

2 Bedroom 2 Bathroom 1,100 - 1,500 ft2
Our Neighbourhood Realty Inc.
RE/MAX Quinte Ltd.
For sale $568,120
11 EVANS STREET, Prince Edward County, Ontario

11 Evans Street

Prince Edward County, Ontario

2 Bedroom 2 Bathroom 1,100 - 1,500 ft2
Our Neighbourhood Realty Inc.
RE/MAX Quinte Ltd.
For sale $550,000
1 - 393 FRONT STREET, Belleville, Ontario

1 - 393 Front Street

Belleville, Ontario

2 Bedroom 1 Bathroom 1,400 - 1,599 ft2
Exp Realty
For sale $781,143
210 - 12 CLARA DRIVE, Prince Edward County, Ontario

210 - 12 Clara Drive

Prince Edward County, Ontario

3 Bedroom 2 Bathroom 900 - 999 ft2
Our Neighbourhood Realty Inc.
RE/MAX Quinte Ltd.
For sale $849,900
1154 COUNTY RD 1, Prince Edward County, Ontario

1154 County Rd 1

Prince Edward County, Ontario

3 Bedroom 2 Bathroom 2,500 - 3,000 ft2
Direct Realty Ltd.
For sale $649,900
60 WALLBRIDGE CRESCENT, Belleville, Ontario

60 Wallbridge Crescent

Belleville, Ontario

6 Bedroom 3 Bathroom 2,500 - 3,000 ft2
RE/MAX Community Realty Inc.
For sale $199,000
00 PLEASANT BAY ROAD, Prince Edward County, Ontario

00 Pleasant Bay Road

Prince Edward County, Ontario

0 - 699 ft2
Keller Williams Energy Real Estate
For sale $799,900
44 UNION ROAD, Prince Edward County, Ontario

44 Union Road

Prince Edward County, Ontario

3,500 - 5,000 ft2
Exit Realty Group
For sale $799,000
12 DORCHESTER DRIVE, Prince Edward County, Ontario

12 Dorchester Drive

Prince Edward County, Ontario

4 Bedroom 3 Bathroom 1,500 - 2,000 ft2
Royal LePage Proalliance Realty
Royal LePage Signature Realty
For sale $1,290,000
235 MICHAEL'S WAY, Prince Edward County, Ontario

235 Michael's Way

Prince Edward County, Ontario

3 Bedroom 4 Bathroom 2,000 - 2,500 ft2
Royal LePage Proalliance Realty
For sale $89,900
PTLT LOYALIST PARKWAY, Prince Edward County, Ontario

Ptlt Loyalist Parkway

Prince Edward County, Ontario

0 - 699 ft2
Royal LePage Proalliance Realty
For sale $499,000
1724B COUNTY ROAD 10 ROAD, Prince Edward County, Ontario

1724b County Road 10 Road

Prince Edward County, Ontario

2 Bedroom 1 Bathroom 1,100 - 1,500 ft2
Sutton Group Prince Edward County Realty Inc.
For sale $250,000
18 MEADOW VIEW LANE, Prince Edward County, Ontario

18 Meadow View Lane

Prince Edward County, Ontario

2 Bedroom 2 Bathroom 700 - 799 ft2
RE/MAX Realtron Smart Choice Team
For sale $499,000
1050 BURR ROAD, Prince Edward County, Ontario

1050 Burr Road

Prince Edward County, Ontario

0 - 699 ft2
Century 21 Lanthorn Real Estate Ltd.
For sale $599,900
218 STATION STREET, Belleville, Ontario

218 Station Street

Belleville, Ontario

0 - 699 ft2
Royal LePage Proalliance Realty
For sale $1,420,000
19485 LOYALIST PARKWAY, Prince Edward County, Ontario

19485 Loyalist Parkway

Prince Edward County, Ontario

4 Bedroom 4 Bathroom 2,000 - 2,500 ft2
Century 21 Lanthorn Real Estate Ltd.
For sale $1,149,000
2465 COUNTY RD 7, Prince Edward County, Ontario

2465 County Rd 7

Prince Edward County, Ontario

3 Bedroom 2 Bathroom 1,500 - 2,000 ft2
Harvey Kalles Real Estate Ltd.
For sale $579,900
79 RAYCROFT DRIVE, Belleville, Ontario

79 Raycroft Drive

Belleville, Ontario

2 Bedroom 3 Bathroom 700 - 1,100 ft2
RE/MAX Quinte Ltd.
For sale $525,000
1290 ROSEBUSH ROAD, Quinte West, Ontario

1290 Rosebush Road

Quinte West, Ontario

3 Bedroom 2 Bathroom 1,500 - 2,000 ft2
Exit Realty Group
For sale $874,500
689 AIRPORT PARKWAY, Belleville, Ontario

689 Airport Parkway

Belleville, Ontario

5 Bedroom 2 Bathroom 2,000 - 2,500 ft2
Century 21 Lanthorn Real Estate Ltd.