Should you invest in property in Whistler? This is a common question that our Realtors receive and one which has a fairly complicated answer.
Most people in Whistler would say that investing in Whistler is a great decision, and history would back that up. From a perspective of profit, recent years have shown that investing in Whistler longterm yields a very good return on investment. We may be bias, but we believe that those who choose the Whistler lifestyle are making a great investment, and the potential to profit is just an added bonus.
Ultimately, whether your decision to invest in Whistler is right comes down to your goals. Different factors such as living in your property, renting, or the length of time you intend to hold onto it before selling should all be considered.
To determine whether investing in Whistler is good for you, we will take a look at some different scenarios:
Buying for lifestyle
If you’re buying for lifestyle this means that you’re either purchasing somewhere to live in Whistler full time, or you intend to spend regular time in your property over the course of each year.
This is the most common reason for buying in Whistler – you want to experience everything the area has to offer, enjoying and immersing yourself in the lifestyle. Maybe you’re moving here, or maybe you live relatively close and want to spend your weekends on the slopes, either way, the biggest factor is Whistler itself.
If this is the case, we always recommend buying. This is why we all bought in Whistler, and why even when inventory is low and prices increase, people continue to purchase.
Buy for investment purposes only
Purchasing a property for investment purposes may be done in two ways. The first is through renting the property, a slightly more common occurrence, however, it is usually linked to buying for lifestyle. Someone may wish to purchase a condo to use for regular visits, but in order to do so they need to rent it out while it is unoccupied.
The second, is renting the property out in order to pay off the mortgage (or part of the mortgage) in the hope that there will be capital appreciation when the property is sold again. Purchasing a property for this type of investment is something that very few people cite as their primary reason for buying in Whistler.
In both of these scenarios the home is usually affected by property phasing or zoning, meaning that it must be rent out for a certain number of days throughout the year, or it must be made available to rent when unoccupied by the owner.
Overall, when buying to rent, the money made from the property rental is more of a bonus than a factor influencing the purchase. We would also recommend that there is a lifestyle factor for the purchaser in order to get the most out of your home.
Making your decision
Ultimately, the decision is yours. As with all investments carrying out your own research is very important, as is speaking to an expert in the area.
At Whistler Real Estate we are all local experts who can help you with whatever decisions you have relating to purchasing in Whistler.
For more information on investing in property, get in touch with one of our agents!