You will need to Hangar it. Open cockpits, wood and fabric don't wear well outside. In addition the wet will increase the weight and VP1s have quite marginal performance.
The VW engine is notorious for carb icing so beware.
All in all while it is cheap I would say the marginal performance makes it unsuitable for a low hours pilot. You didn't say how much experience you have so if you have a lot then apologies in advance.
see
http://www.pprune.org/forums/showthread.php?t=148993
for an interesting tale of VP1s and how they cost £25,000/hr