The idea of living in multiple states is not new. However, the number of people who own more than one home has increased with the popularity of remote work.
This trend is not just limited to millennials, either. The number of people who own multiple homes continues to rise with every passing year. It’s estimated that 45% of Americans will own two or more homes in the next couple of years, and that number could be even higher if interest rates continue to rise as expected.
If you own homes in two different states, it can be a challenge to maintain your homes and your life. You need to make sure that your utilities are paid for, that your taxes are taken care of, and that you have been able to keep up with the maintenance on both properties.
Virtual assistants are becoming more popular as technology continues to advance. Some of the most popular virtual assistants like Alexa and Google Home are able to help with anything from simple tasks such as ordering groceries, scheduling appointments, or turning on your lights to more complicated tasks such as managing finances or finding out what your doctor's schedule is for the week.
Property managers are also becoming more popular as people are looking for ways to optimize their investment property. They can help you find the right tenants for your vacant home, manage the taxes, and provide advice on how to best use your second home.
Movers can help you with a lot more than transporting your belongings. Moving companies like Webster & Co in Cedar Park, Texas, offer services like clean-out and junk hauling, storage units, and packing services.
Using a storage unit to keep the things you aren’t using day-to-day, especially for your business inventory, can help keep you organized. When you’re deciding what state to store your belongings in, check prices for both states since they can vary wildly. A storage unit in Austin, Texas, can run $110 per month, while you'll find Denver storage options starting at $49 per month.
Sometimes, rather than move or store your items, you may just decide it’s time to sell them and buy new ones for your second home. It can end up being more economical than either storing or moving them. Before purchasing any items for your family, however, it would be wise to read in-depth product reviews from unbiased sources to ensure you're getting the safest and most reliable goods.
As technology continues to develop, it becomes easier for people living in different states to work together on their businesses and stay connected with each other.
If your business is a Corporation, LLC, Limited partnership, or Limited liability partnership, you will already have appointed a registered agent to receive service of process, legal documents, and official notices on your business’s behalf. General partnerships and sole proprietorships don’t need to designate an agent by law, but it’s still a good idea if you’re living away from your business for part of the year to manage the details of your business.
Hiring an assistant to help with all aspects of running a business like marketing, finances, and operations, among other things, allows you to focus on what really matters - growing your business and making it successful.
Cost of Living
Being aware of the cast variances between cities can help you budget more effectively and give you some insight into which city is best for certain investments in your family and business finances.
- Automobile full coverage insurance in Texas will average over $1,868 per month, while in Maine, that cost is nearly a thousand dollars per month cheaper at $876.
- Health insurance costs vary as well. Premiums in Tennessee start at $70 per month, while in New York, they start at a whopping $170 per month.
- Hawaii is the most expensive state in America for groceries, while Missouri has the cheapest grocery prices in the Midwest. Shoppers in that state pay 7% less than the countrywide average for their retail food.
- The median home cost in Texas is $199.900 and in Colorado, it’s $381,300.
Putting It All Together
Having a home in two different states doesn’t have to be complicated. Hiring a registered agent and/or an assistant can ensure your business runs smoothly. Storing inventory can free up your office and living space, just make sure you research to get the best prices. Understand the cost of living in each state to give you a good idea of where to purchase things like health and auto insurance. And finally, make smart purchasing decisions by checking reviews. With a little organizing and some thoughtful planning, your multi-state life can be everything you’d hoped it would.
Special thanks to Mike Longsdon @ ElderFreedom.net for another awesome article for our blog!