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 $799,900
39 FRASER DRIVE, Quinte West, Ontario

39 Fraser Drive

Quinte West, Ontario

3 Bedroom 3 Bathroom 2,500 - 3,000 ft2
Royal LePage Proalliance Realty
For sale $2,149,000
319 MAIN STREET E, Prince Edward County, Ontario

319 Main Street E

Prince Edward County, Ontario

6 Bedroom 6 Bathroom
Property.ca Inc.
For sale $768,000
347 COUNTY RD 19 ROAD, Prince Edward County, Ontario

347 County Rd 19 Road

Prince Edward County, Ontario

4 Bedroom 2 Bathroom 1,500 - 2,000 ft2
Right At Home Realty
For sale $385,000
95 GRIER STREET, Belleville, Ontario

95 Grier Street

Belleville, Ontario

3 Bedroom 1 Bathroom 1,500 - 2,000 ft2
Royal LePage Proalliance Realty
For sale $690,000
22 BUTLER STREET W, Brighton, Ontario

22 Butler Street W

Brighton, Ontario

5 Bedroom 2 Bathroom 1,100 - 1,500 ft2
Royal LePage Proalliance Realty
For sale $999,000
4 CARLA COURT, Prince Edward County, Ontario

4 Carla Court

Prince Edward County, Ontario

3 Bedroom 3 Bathroom 2,500 - 3,000 ft2
Sutton Group Prince Edward County Realty Inc.
For sale $699,900
89 LEDGEROCK COURT, Quinte West, Ontario

89 Ledgerock Court

Quinte West, Ontario

3 Bedroom 2 Bathroom 1,100 - 1,500 ft2
Century 21 King's Quay Real Estate Inc.
For sale $1,249,900
274 MAIN STREET, Prince Edward County, Ontario

274 Main Street

Prince Edward County, Ontario

4 Bedroom 4 Bathroom 2,500 - 3,000 ft2
RE/MAX Quinte Ltd.
For sale $1,149,000
199 JERICHO ROAD, Prince Edward County, Ontario

199 Jericho Road

Prince Edward County, Ontario

4 Bedroom 1 Bathroom 1,100 - 1,500 ft2
Century 21 Green Realty Inc.
For sale $1,149,000
199 JERICHO ROAD, Prince Edward County, Ontario

199 Jericho Road

Prince Edward County, Ontario

1 Bathroom 91 Acres
Century 21 Green Realty Inc.
For sale $799,000
21 HORTON COURT, Belleville, Ontario

21 Horton Court

Belleville, Ontario

3 Bedroom 3 Bathroom 1,500 - 2,000 ft2
Royal LePage Proalliance Realty
For sale $827,000
20 HORTON COURT, Belleville, Ontario

20 Horton Court

Belleville, Ontario

3 Bedroom 3 Bathroom 1,500 - 2,000 ft2
Royal LePage Proalliance Realty
For sale $450,000
4757 COUNTY ROAD 8, Prince Edward County, Ontario

4757 County Road 8

Prince Edward County, Ontario

0 - 699 ft2
Century 21 Lanthorn Real Estate Ltd.
For sale $450,000
4757 COUNTY ROAD 8, Prince Edward County, Ontario

4757 County Road 8

Prince Edward County, Ontario

120 Acres
Century 21 Lanthorn Real Estate Ltd.
For sale $539,870
90 BUCHANAN AVENUE, Prince Edward County, Ontario

90 Buchanan Avenue

Prince Edward County, Ontario

3 Bedroom 3 Bathroom 1,100 - 1,500 ft2
Our Neighbourhood Realty Inc.
For sale $539,870
92 BUCHANAN AVENUE, Prince Edward County, Ontario

92 Buchanan Avenue

Prince Edward County, Ontario

3 Bedroom 3 Bathroom 1,100 - 1,500 ft2
Our Neighbourhood Realty Inc.
For sale $539,870
94 BUCHANAN AVENUE, Prince Edward County, Ontario

94 Buchanan Avenue

Prince Edward County, Ontario

3 Bedroom 3 Bathroom 1,100 - 1,500 ft2
Our Neighbourhood Realty Inc.
For sale $599,900
383 CHASE ROAD, Prince Edward County, Ontario

383 Chase Road

Prince Edward County, Ontario

Century 21 Lanthorn Real Estate Ltd.
For sale $849,000
10 THOMPSON COURT, Belleville, Ontario

10 Thompson Court

Belleville, Ontario

5 Bedroom 4 Bathroom 2,000 - 2,500 ft2
Exp Realty
For sale $599,900
383 CHASE ROAD, Prince Edward County, Ontario

383 Chase Road

Prince Edward County, Ontario

41 Acres
Century 21 Lanthorn Real Estate Ltd.
For sale $799,900
44 FRASER DRIVE, Quinte West, Ontario

44 Fraser Drive

Quinte West, Ontario

3 Bedroom 3 Bathroom 2,500 - 3,000 ft2
Royal LePage Proalliance Realty
For sale $524,900
28 GLENDALE ROAD, Belleville, Ontario

28 Glendale Road

Belleville, Ontario

3 Bedroom 2 Bathroom 700 - 1,100 ft2
Royal LePage Proalliance Realty
For sale $25,000,000
140 COUNTY 64 ROAD, Brighton, Ontario

140 County 64 Road

Brighton, Ontario

K B Realty Inc.
For sale $799,000
231 OAK STREET, Prince Edward County, Ontario

231 Oak Street

Prince Edward County, Ontario

3 Bedroom 1 Bathroom 1,100 - 1,500 ft2
Century 21 Lanthorn Real Estate Ltd.