For many people, the idea of living in more than one state is a dream come true. After all, what could be better than experiencing all that different parts of the country have to offer?
While there are undeniable advantages to owning property in multiple states, there are also some potential drawbacks to consider before deciding to become a snowbird. In this blog post, Ocean Blue Real Estate will explore some of the pros and cons of multi-state living arrangement so you can decide if it's right for you and your pet.
There are a few significant benefits to owning property in multiple states, including the following:
You can choose where you want to live based on your mood or the time of year. If you're someone who enjoys spending time in warm weather, you can head down to Florida or Arizona for the winter months. Or, if you prefer cooler temperatures, you can spend your summers in New England or upstate New York. The sky's the limit when it comes to choosing living arrangements for you and your furry friend.
Depending on which state(s) you live in, you may be able to take advantage of lower taxes by maintaining residences in multiple states. This is something that you'll need to speak with an accountant about, but it's worth considering if you're looking for ways to reduce your overall tax burden.
Another advantage of being a snowbird is that you can rent out your properties when you're not using them. This can be a great way to offset the costs of maintaining two homes. Just be sure to do your research and find reputable renters who will take good care of your property while you're away.
Of course, there are potential downsides that come with owning property in multiple states, such as:
Maintaining two homes can get expensive quickly. In addition to the mortgage payments, insurance, and repairs, you'll need to factor in the cost of travel when switching between your two residences. If you're not careful, these expense can add up quickly and eat into any savings you hoped to achieve by becoming a snowbird.
Another potential disadvantage of multi-state living arrangements is that they can sometimes be complicated, particularly concerning things like taxes and insurance. For example, if you own property in two different states, you'll need to make sure both homes are properly insured at all times. You'll also need to keep track of any changes in tax laws that might affect your situation.
Moreover, you'll need to ensure your homes are equipped with all the toys, bedding, food, and other supplies your pet needs to thrive. Reading reputable product review sites is essential before investing in products with a high price tag. Some sites even offer reviews from veterinarians and other professionals.
When considering moving to (or visiting) a different city or state, you must know the expenses to prepare for. Here's a quick rundown of expected living costs in various cities:
The median price for a one-bedroom apartment in Manhattan, NYC, is $4,265 per month
So, should you and your furry companion become snowbirds? Ultimately, only you can answer that question, but we hope this article has given you something to consider as you weigh your options. Just remember to research the living costs wherever you go so you can prepare!
Are you looking for top-tier real estate services on the Northern California coast? Contact Ocean Blue Real Estate today! (650) 713-5544.
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David Oliphant | August 18, 2023
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