Is It Smart to Buy A Home In Another State?
Snowbird is the term given to someone who heads south for the winter, like a bird. When the weather starts to cool off, those who have a second home somewhere warmer move homes for the winter. This is most commonly done by people in retirement, but anyone can be a snowbird if they own a home in a warmer location.
Dealing with cold weather is always a chore. It comes with things like shoveling snow, winter storms, and icy roads. On the other hand, escaping somewhere warm provides you with relief from all of those winter pains. However, with that second home comes twice the responsibilities. In this guide, we’ll talk about whether you should buy another home in another state like a snowbird.
What are the benefits of owning a second home?
Owning a second home is a dream for many people. Owning a second home in a warmer state is even more spectacular, especially if you live in a cold climate prone to winter snow and ice. With a second home, you have a lot of benefits when you move to warmer weather such as:
- You can stay there as long as you want. Whether you vacation in your home or stay for months at a time, it’s yours to do what you want with.
- It can earn you money. If you’re able to rent out your vacation home, this can be a great source of income.
- Bring your family together. As a snowbird, you’ll likely bring some family members with you who will want to enjoy your winter location.
- There’s a sense of community. There’s a real sense of togetherness and community when you choose a place common with snowbirds, particularly in your retirement years.
- Escape the cold weather. Of course, the main draw of a second home is to escape the cold winter weather that’s harder to deal with as you age.
As you can see, there are a lot of perks to owning a home in another state like a snowbird. Not only do you get to enjoy the better weather, but you also gain a new sense of community.
What are the issues of owning a second home in another state?
While there are many things to look forward to when owning a second home in another state, there are also new challenges. More homes also mean more responsibilities. Here are the most common cons to keep an eye out for:
- There will be twice as many repair costs. Because you have two homes to maintain, you’ll need to worry about twice as many repairs and maintenance problems.
- Beware bad weather. Because you’ll have homes in two climates, you’ll also have two extremes to worry about. In the winter, you’ll need to make sure your first home is safe. In the summer, you’ll need to worry about storms and possibly even hurricanes for your snowbird property.
- There’s less flexibility. If you like to vacation is new spots, owning a second home in another state might not be for you. Because you already have a home you’re paying for, this will be where you’ll spend most of your vacations.
- It’s hard to rent. If you plan to rent out your property when you’re not using it, this comes with its own challenges, especially if you live out of state.
Is owning a second home in another state right for you?
Ultimately, it’s up to you to decide what’s right for your situation. Owning a second home in another state as a snowbird is a great way to escape the winter blues, but don’t make the mistake of thinking it’s a permanent vacation. There are a number of challenges that come with escaping into the sunshine.
In 2030, 1 in 5 Americans are expected to be in their retirement years. With numbers like that, it’s no wonder so many people are looking into the possibility of a second home before the real demand hits. Are you considering a second home in another state?