Tofino can be your home even if you don't work here
Do you work from home or have a flexible job schedule? Owning a home in Tofino can be your reality. Many of our residents work remotely or have chosen to make Tofino home base when they are "off duty." Orca Air offers daily flights between Tofino and Vancouver Airport's South Terminal, so getting to and from the mainland doesn't have to take all day. If you are seeking a respite from a busy, career-orientated life in the city, you will not be alone in our community. The only problem is, you will slowly try to restructure your life in order to spend as much time in Tofino as possible.
Many Tofino homes have mortgage helpers
Many homes have suites that can be rented out long or short term. Finding year-round tenants is usually not very difficult, during the spring to fall housing shortage you will probably have a waiting list. If a property doesn't have a suite, there is a good chance that zoning will allow for one. Suites can be built in basements, inside the main home, on top of garages and in a separate cottage or cabin. If you already have a property in mind and would like to know what the zoning will allow, I will be more than happy to give you the details.
If you have a desirable property, short term vacation rentals have the potential to generate a decent income. Many Tofino homeowners operate vacation rentals from their home with a secondary suite, cabin or cottage. If you are not interested in running the vacation rental yourself, there are a variety of management companies in Tofino that will. There is also the potential to offer bed and breakfast style accommodation if your home doesn't have a secondary suite and it suits your lifestyle.
Please let me assist you in finding a property that would be suitable for vacation rentals, answering any zoning related questions, or advising on long and short term rentals in general.
If you have a desirable property, short term vacation rentals have the potential to generate a decent income. Many Tofino homeowners operate vacation rentals from their home with a secondary suite, cabin or cottage. If you are not interested in running the vacation rental yourself, there are a variety of management companies in Tofino that will. There is also the potential to offer bed and breakfast style accommodation if your home doesn't have a secondary suite and it suits your lifestyle.
Please let me assist you in finding a property that would be suitable for vacation rentals, answering any zoning related questions, or advising on long and short term rentals in general.
Buying a Vacation Rental Home in Tofino
Property in Tofino can be a great investment. "Off-season" tourism is steadily rising, which means many desirable properties can be vacation rented year round. That means, if you are one of Tofino's frequent visitors, owning your own home here can be attainable by renting it out when you're not in town. Just think how amazing would that be!
Helpful Tools for Homebuyers
If you're considering purchasing a home, it is necessary to get pre-approved by a bank or mortgage broker. If you are a first time homebuyer, I would be happy to assist you in your search for financing by recommending local professionals.
If you're still in the planning stage, I've included online home buying tools that can give you a good idea of your possibilities. Check out "Historical Interest Rates" to see how today's rates compare historically - it could help you decide if it is a good time to buy. Click on "Current Mortgage Interest Rates" to see exactly what rates are being advertised and what you should push for when getting pre-approved.
If you're still in the planning stage, I've included online home buying tools that can give you a good idea of your possibilities. Check out "Historical Interest Rates" to see how today's rates compare historically - it could help you decide if it is a good time to buy. Click on "Current Mortgage Interest Rates" to see exactly what rates are being advertised and what you should push for when getting pre-approved.
The "BC Mortgage Payment Calculator" is a great tool if you already have a certain property in mind, if you are considering an investment, or if you are deciding whether to rent or buy. Simply fill in the "Asking Price", select an amortization period of 25 years, select an interest rate and then see what the monthly payments will be. I'd also advise clicking on "Cash Needed" for an idea of the out-of-pocket expenses you should expect when buying a home of that value. "Monthly Expenses" details the common monthly expenses related to owning your own home and can give you a better idea of affordability.
If you have never had a mortgage, it is important to understand that Mortgage Insurance is mandatory for financing that is secured with less then 20% down. The insurance premium is a one-time payment that is added onto the mortgage funds, i.e. you don't have to pay it out of pocket. In addition, if you are planning on putting less then 20% down the longest amortization period available is 25 years. If you are putting down 20% or more, you can select a 25, 30 or 35 year amortization period. Monthly payments are based on amortization - the longer the amortization period the smaller the monthly payment (and vice-versa). However, a longer amortization period also means that it will take you longer to pay off the mortgage. If you have never had a mortgage, find it confusing or overwhelming and would like more clarification, please do not hesitate to contact me. An educated mortgagor (that's You!) will leave the bank with a deal most suited to their situation.
The "BC Mortgage Payment Calculator" also shows you the amount of BC Land Transfer tax that will have to be paid upon purchase. This government tax is payable on the purchase price of all real estate in the province and has to be paid out of pocket (i.e. cannot be added onto your mortgage).
If you have never had a mortgage, it is important to understand that Mortgage Insurance is mandatory for financing that is secured with less then 20% down. The insurance premium is a one-time payment that is added onto the mortgage funds, i.e. you don't have to pay it out of pocket. In addition, if you are planning on putting less then 20% down the longest amortization period available is 25 years. If you are putting down 20% or more, you can select a 25, 30 or 35 year amortization period. Monthly payments are based on amortization - the longer the amortization period the smaller the monthly payment (and vice-versa). However, a longer amortization period also means that it will take you longer to pay off the mortgage. If you have never had a mortgage, find it confusing or overwhelming and would like more clarification, please do not hesitate to contact me. An educated mortgagor (that's You!) will leave the bank with a deal most suited to their situation.
The "BC Mortgage Payment Calculator" also shows you the amount of BC Land Transfer tax that will have to be paid upon purchase. This government tax is payable on the purchase price of all real estate in the province and has to be paid out of pocket (i.e. cannot be added onto your mortgage).
The "Mortgage Affordability Calculator" can give you a general idea of the maximum mortgage you could afford considering your current income and debts. This will help narrow your focus when looking for property and can also help you decide whether to rent or buy. However, the mortgage approval process through the bank or a mortgage broker takes many other things into consideration. As a result, what you actually get approved for may be much different then the value obtained using this calculator. Again, always get pre-approved by the bank or a mortgage broker before you start viewing properties with a realtor to get the most realistic idea of your financial situation.
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