Is Buying a Ucluelet Vacation Property Right for You?

Buying Ucluelet Vacation Property 

When is the last time you looked at the photos you took on your last trip to Ucluelet, BC?

It's rare that the photos of the rosy-warm beach sunsets, and smiles of discovery don't bring a pang of nostalgia for  time spent in Ukee. Most people who have visited this quaint, coastal town, on the western-most edge of Vancouver Island, want to return. Time and again.

With so many people returning to Ukee year after year, and more discovering this piece of Canadian paradise each and every day, Ucluelet is an ideal place to purchase a second-home, or vacation home. Being able to getaway with your friends and family to a place that reconnects you all with nature, and each other is a precious gift. The endless array of amazing nature experiences that awaits you here on the wild west coast is enough to call any adventurer back. Why not make Ucluelet your own piece of paradise, creating a Ucluelet getaway tradition with loved ones with a home-away-from home. Which, if managed correctly, can pay off in the long run.

If you've ever toyed with the idea of owning rental property in Ucluelet, you've already realized that there is no better location to have a home-away-from-home. If a second property is an investment you've been looking to make, we want you lighten the load of planning that you will have to do to start living in Ukee, by sharing with you what we suggest you consider about buying a vacation rental in stunning Ucluelet, BC.

Things to Consider

Size

Any purchase this big needs to have the ability for adaptability, because an investment this large only pays off if it is held onto for a long time. So when looking for the perfect Ucluelet vacation rental for you and your family's needs now, and into the future, you will want to consider the following:

• Will you be changing your lifestyle as the years go on, such as retirement, or care-giving of an elderly family member? These changes may impact how often you will be able to get away in later years.
• Will the kids be leaving home and perhaps not be staying with you every holiday?
• Would you like to invite family and friends to visit, or would you like to be able to rent out the space to loved ones for Ucluelet getaways of their own?
• Will you want a boat, or surfboards, or other fun outdoor gear? Remember to consider the storage space available before you make a decision. You will no doubt fall in love with a beloved coastal past-time, or three, when you start living in Ukee.

Of course, it is impossible to play for every last possibility to come in the future, but you will be glad that you took that time to consider how many square feet you truly will need. Some do enjoy having a lot of space, but remember that the more rooms there are, the more cleaning needs to be done.  This is something that owners will have to attend to daily, so knowing you have the perfect space for how you want to live your Ukee lifestyle.

Budget

Beyond the price of the property, there is much more to consider from the financial perspective.

• Will you buy an existing building, or build on vacant land? If you are building, will it be your sweat-equity or will you turn the hammer over to a contractor to do it for you?
• What ongoing expenses will you need to plan for? Maintenance, insurance, property taxes, strata fees, are amongst the top of the list of finances not to forget.
• Will you be using the property during peak-season times? If the only time you can getaway is during holiday weekends and the summertime, then you may find that financing your second-home more of a burden than a blessing. Travellers pay top-dollar for renting your property during the peak periods, and this is where the majority of an owner's investment gets paid back.
• Will you have to pay for property management? Because of Ucluelet's unique coastal location, it's unlikely that you will be able to show-up, last-minute to fix any problems that arise, so you will have to pay someone locally to manage it, when you are not around.
• Have you familiarized yourself with the tax implications that come along with being a landlord?

A well thought out, realistic budget is the first step to achieving the lasting benefits of a Canadian paradise getaway all of your own. It is imperative that you can afford this addition to your lifestyle well into the future without saddling yourself with debt.

Getting yourself into debt to buy a vacation property might not be the wisest decision. The thought and planning that this purchase requires will take some time, but taking the time to take a step back to make sure that you are making a smart financial choice will certainly be a boon in the long run.

We hope that you've found this useful and we also hope that you discovered that you are closer than you ever thought to owning a Ucluelet vacation property! We are always happy to help with any questions you might have about making a real estate purchase in Ucluelet, so please don't hesitate to contact us.