Owning multiple homes in different states can be very rewarding, especially when you’re a busy business owner and can’t regularly take time off work to travel. Multi-state living allows you to get out of town for a few days, weeks, or months at a time without abandoning your responsibilities at work, making it a great option for business owners as well as high-level executives.
That being said, multi-state living can also be quite stressful at times. Whether you own homes in California and Texas or anywhere else in the US, owning multiple properties means double or triple the amount of home maintenance — and then there’s the added cost of insuring homes and vehicles in more than one state.
These tips and best practices from Castle Brokerage will help you to save money, stay sane, and continue to run your business while dividing your time between multiple homes in different states, so read on to learn more.
Make Multi-State Living Simple, Safe, and Stress-Free
When you’re busy running a business and managing multiple homes in different states, there are several things you can do to make your multi-state living arrangements as simple, safe, and stress-free as possible. For instance, installing security cameras with remote access will enable you to keep an eye on your homes when you’re away.
As another idea, you could use online resources to find top-rated products for each of your homes, including indoor air quality monitors, stick vacuums, all-terrain strollers, and propane fire pits. And since you’ll be moving between homes on a semi-regular basis, these resources can be used to find travel products and accessories such as travel backpacks and strollers. By reading unbiased product reviews before making new purchases, you’ll be sure to invest in the highest-quality items for yourself and your family.
You could also hire a property manager to rent out your houses when you’re not living in them. Even if you don’t decide to rent out your first, second, or third home, however, a property manager could help you with services such as routine maintenance, cleaning, and yard work.
Additionally, appointing a Registered Agent in each state where your business is registered will be a big help to you and your organization. A Registered Agent can act on behalf of the company when you’re traveling or taking time away from work, helping you to keep your business in compliance with local laws and respond without pause in the event of a lawsuit.
Save Money on Storage, Insurance, and Other Expenses
Owning multiple homes in states such as California and Texas can be expensive, but you may be able to save money by comparing a few living expenses in advance and choosing the cheapest options depending on where you spend most of your time. Here are a few expenses to consider and some best practices for keeping costs down:
- Storage units. If you own a home in south-central Texas and need a place to store any extra belongings for an extended period of time, it’s a good idea to use comparison shopping sites so you can see storage options in San Antonio and other Texas cities. Storage spaces in San Antonio typically average about $107.75 per month, which is cheaper than storage units in nearby cities like Schertz, New Braunfels, and San Marcos.
- Automobile insurance. If you’re preparing to buy a home in Los Gatos, CA, you’ll be better off insuring your vehicle in a state with cheaper automobile insurance. California automobile insurance rates are 20 percent higher than the national average, according to the Zebra.
- Health insurance coverage. If you’re spending the bulk of your time in one home, you’ll typically want to purchase health insurance in that state of residence. If you spend most of your time in Bexar County, Texas, for instance, the cheapest health insurance policy available averages about $457 for an adult and $1,188 for a family of three.
- Secondary home insurance. To save on the cost of purchasing a second (or third) home insurance policy, check with your insurer to see if perks are offered when you bundle multiple home insurance policies into one. Just keep in mind that you’ll pay more when insuring homes in flood, earthquake, or hurricane-prone areas, such as Fort Myers, Florida; Brunswick, Georgia; or Houston, Texas. The average cost of homeowners insurance in Houston, for instance, is $4,363 yearly.
- Public transportation. If you spend part of your time in major cities with access to public transportation (like the San Francisco Bay Area), you can even save money by ditching your vehicle and relying solely on bus and rail systems. As one example, public transport users in San Jose can enjoy a single ride on the Valley Transportation Authority (VTA) for just $2.50.
In Conclusion
If you’re lucky enough to own multiple homes in different states, you’ll save money and reduce stress if you take the time to find top-reviewed products for each of your properties; install security cameras with remote access; and look for ways to save money on expenses such as public transportation, self-storage, automobile insurance, and homeowners insurance coverage. Multi-state living can be a wonderful experience when you’re busy running a business throughout the year, and these tips and best practices will help to make it even better!