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 $539,000
8 VILLAGE DRIVE, Belleville, Ontario

8 Village Drive

Belleville, Ontario

3 Bedroom 2 Bathroom 1,100 - 1,500 ft2
Exit Realty Group
For sale $168,900
18 ALICE AVENUE, Quinte West, Ontario

18 Alice Avenue

Quinte West, Ontario

Exit Realty Group
For sale $82,500
CBL035 - 486 COUNTY RD 18, Prince Edward County, Ontario

Cbl035 - 486 County Rd 18

Prince Edward County, Ontario

2 Bedroom 1 Bathroom 0 - 699 ft2
Royal LePage Proalliance Realty
For sale $699,900
120 HASTINGS PARK DRIVE, Belleville, Ontario

120 Hastings Park Drive

Belleville, Ontario

4 Bedroom 3 Bathroom 1,100 - 1,500 ft2
RE/MAX Quinte Ltd.
For sale $1,198,900
1727 COUNTY 14 ROAD, Prince Edward County, Ontario

1727 County 14 Road

Prince Edward County, Ontario

6 Bedroom 8 Bathroom 2,000 - 2,500 ft2
Keller Williams Energy Real Estate
For sale $549,900
38 CORTLAND CRESCENT, Quinte West, Ontario

38 Cortland Crescent

Quinte West, Ontario

3 Bedroom 4 Bathroom 1,100 - 1,500 ft2
Royal LePage Proalliance Realty
For sale $999,000
96 ARANDA WAY, Brighton, Ontario

96 Aranda Way

Brighton, Ontario

3 Bedroom 3 Bathroom 1,500 - 2,000 ft2
Exp Realty
For sale $1,599,000
467 FRONT STREET, Quinte West, Ontario

467 Front Street

Quinte West, Ontario

Keller Williams Realty Centres
For sale $1,599,000
467 FRONT STREET, Quinte West, Ontario

467 Front Street

Quinte West, Ontario

32,313 ft2
Keller Williams Realty Centres
For sale $339,900
K - 209 NORTH PARK STREET, Belleville, Ontario

K - 209 North Park Street

Belleville, Ontario

4 Bedroom 2 Bathroom 0 - 499 ft2
Royal LePage Proalliance Realty
For sale $399,000
9 REYNOLDS PLACE, Prince Edward County, Ontario

9 Reynolds Place

Prince Edward County, Ontario

2 Bedroom 2 Bathroom 700 - 1,100 ft2
Century 21 Lanthorn Real Estate Ltd.
Coldwell Banker - R.m.r. Real Estate
For sale $1,295,000
344 PICTON MAIN STREET, Prince Edward County, Ontario

344 Picton Main Street

Prince Edward County, Ontario

6 Bedroom 6 Bathroom 3,500 - 5,000 ft2
Century 21 Lanthorn Real Estate Ltd.
For sale $799,999
12699 LOYALIST PARKWAY, Prince Edward County, Ontario

12699 Loyalist Parkway

Prince Edward County, Ontario

5 Bedroom 3 Bathroom 1,100 - 1,500 ft2
Keller Williams Energy Real Estate
For sale $559,000
0 HIGHWAY 62 S, Prince Edward County, Ontario

0 Highway 62 S

Prince Edward County, Ontario

25 Acres
Ekort Realty Ltd.
For sale $339,000
3394 COUNTY ROAD 13, Prince Edward County, Ontario

3394 County Road 13

Prince Edward County, Ontario

Ekort Realty Ltd.
For sale $1,499,000
382 HERCHIMER AVENUE, Belleville, Ontario

382 Herchimer Avenue

Belleville, Ontario

5 Acres
Homelife Today Realty Ltd.
For sale $895,000
36 DORCHESTER DRIVE, Prince Edward County, Ontario

36 Dorchester Drive

Prince Edward County, Ontario

3 Bedroom 3 Bathroom 1,500 - 2,000 ft2
Royal LePage Proalliance Realty
For sale $850,000
1678 COUNTY ROAD 8, Prince Edward County, Ontario

1678 County Road 8

Prince Edward County, Ontario

Century 21 Lanthorn Real Estate Ltd.
For sale $2,800,000
71-155 SUNNINGDALE DRIVE, Belleville, Ontario

71-155 Sunningdale Drive

Belleville, Ontario

36 Acres
Ekort Realty Ltd.
For sale $850,000
1678 COUNTY ROAD 8, Prince Edward County, Ontario

1678 County Road 8

Prince Edward County, Ontario

108 Acres
Century 21 Lanthorn Real Estate Ltd.
For sale $1,595,000
811 DANFORTH ROAD, Prince Edward County, Ontario

811 Danforth Road

Prince Edward County, Ontario

18 Acres
Ekort Realty Ltd.
For sale $1,398,000
534-540 OLD HWY 2, Quinte West, Ontario

534-540 Old Hwy 2

Quinte West, Ontario

7,350 ft2
Ekort Realty Ltd.
For sale $749,000
102 BISHOP LANE, Prince Edward County, Ontario

102 Bishop Lane

Prince Edward County, Ontario

3 Bedroom 2 Bathroom 700 - 1,100 ft2
Keller Williams Energy Real Estate
For sale $1,149,000
19 SUMMER BREEZE DRIVE, Quinte West, Ontario

19 Summer Breeze Drive

Quinte West, Ontario

6 Bedroom 4 Bathroom 2,500 - 3,000 ft2
RE/MAX Jazz Inc.