So you just bought your first place, congrats! That’s a huge milestone. But here’s a little secret: it doesn’t have to be just your home. With a bit of creativity and planning, your property can become a powerful income-generating tool even while you’re living in it. Whether you’re trying to offset mortgage payments or build long-term wealth, there are smart, accessible ways to make your space work for you.
- House Hacking: Buy a duplex or triplex and live in one unit while renting out the others. Your tenants help pay the mortgage, and you build equity faster. Some people even rent out just a room or a basement suite, small changes, big results. This strategy is one of the most beginner-friendly ways to dip into real estate investing without buying a second property.
- Short-Term Rentals: If your building allows it (and you’re not breaking city rules), rent out a room or your unit on Airbnb when you’re away. Montreal’s festivals, summer events, and student population create lots of demand. Just be sure to register with the city and follow the local by-laws. It’s a great way to earn passive income from space that would otherwise sit empty.
- Rent Out Parking or Storage: In Montreal, indoor parking spots or lockers can rent for $100–$200/month. If you don’t use yours, cash in. Storage space is especially valuable in smaller units where residents are looking for that little extra room. Even renting it out short-term can bring in steady side income with almost no effort.
- Basement Apartment: If you’re in a home with a basement, consider converting it into a legal apartment. It’s a bigger investment, but it can double your income potential. Plus, it increases your property value significantly in the long term. With proper permits and renovations, it becomes a full-fledged rental unit and a serious asset.
- Co-Living Arrangement: Share your space with a roommate, sublet during the summer, or even lease to students by the room. With the right setup, you can cover a chunk of your expenses while keeping full ownership. This approach works especially well in city cores where affordable housing is limited and demand is high.
Your first property is more than a roof over your head, it’s a stepping stone to financial freedom. Start small, think smart, and let your home work as hard as you do. In a market like Montreal, being strategic with your space can open the door to serious long-term gains.
