What are the key considerations you should keep in mind?
If we were to list all the decision points for someone considering having multiple residences in multiple states, it would make your head spin. That’s not our goal. We do, however, want to help you think through the decision to live across states through multiple lenses. Let us help you be confident you're making a sound financial and life decision when you consider the snowbird lifestyle.
With more and more people working remotely each year, the ability to work from anywhere across the country is becoming more common. This means that single people, couples, and people in their 20’s, 30's, and 40’s are choosing to live a more mobile lifestyle with homes in multiple locations.
Location is a critical decision point for all the reasons you’d expect – convenience, view and surroundings, distance to friends, family, fun, etc. – but there are other things to consider which require careful thought like access to quality medical care, residency requirements, and estate planning implications.
How much can you afford? Should you buy or should you rent? Do you plan to rent out your home via VRBO, Airbnb, etc.? How will you move between the two homes (travel costs)? Carefully reviewing the current state of your financials against future goals is a vital part of our analysis.
Our goal is to consider not only the care you need today, but also what your future healthcare needs may look like. Will you be close to a hospital with high-quality doctors? Does your medical insurance (today and in the future) allow for the same level of care at the same cost in both locations where you'll live?
Taxes are complicated when you have multiple homes, even more so if you own a business or are still working. Which state will hold your permanent residency? What are the rules and restrictions associated with residency? There are many questions to ask, and we'll take you through them all.
Have you thought through and discussed with your family what will happen to your home(s) in the future? What happens if there is a divorce? Have you carefully planned for how your real estate will be handled in the event of a separation? These are all key items to consider before you purchase a second home.
Depending on your financial situation and occupation, you may want to consider how your second home is titled from a liability perspective or if you need an umbrella policy. Natural disasters have also become the norm in many states, and domestic disasters like leaky pipes and power outages can happen even when you're not at home.