Splitting time between two states offers many opportunities, though owning multiple homes does present unique challenges.
Find balance and make the most of the two locations with these tips from MicheleCriley.
Save Money by Shopping Around
Many expenses are based on your home state, so having two residences may allow for savings. Depending on residency requirements, you might choose the lower-cost state to register and insure your vehicles in.
Similar savings may also apply for bigger expenses like state taxes and recurring expenses such as sales tax. You can even choose where to file your LLC based on residency.
However, legal limitations apply, so it’s essential to understand the tax and residency requirements for your situation before making big decisions.
Adjust Business Operations for Multi-State Living
When you purchase a home in a new state, you might consider whether to expand your business to that area — or perhaps an expansion will precede the move. Either way, multi-state living requires some business adjustments no matter your industry.
For example, splitting time between homes means you may not be available when official documents arrive or a business need comes up.
Getting a registered agent for your business ensures that official communications go to one location, with staff that can notify you if an emergency arises.
All states require a registered agent for your business, but the specifics vary based on your business structure.
New Jersey, for example, mandates that you designate a registered agent for corporations, LLCs, and limited partnerships — plus limited liability partnerships without an NJ office — as part of establishing a new business.
Invest in Safety at Both Homes
It can take a while to settle in and have a new house feel like a home. To help your family feel comfortable in a new state, add safety and security features that add a layer of protection.
A home camera system could help deter crime, but doorbell and other cameras also allow you to check on deliveries when you’re away and know when the kids arrive home from school.
When you’re out of state, you can even check weather conditions remotely via your security system’s app.
Other remote technology, such as WiFi-enabled smoke and carbon monoxide detectors, temperature sensors, and more can offer peace of mind while you’re away.
Before buying, consult unbiased sources for thorough product reviews. Then, you’ll know you have reliable and secure household items for your property and family.
Store Essential Documents Safely
When you’re traveling back and forth, staying organized is crucial, and so is protecting your important paperwork.
Business ownership adds more checkboxes to your to-do list, as legal documents might be needed for some business operations.
Store important documents carefully, and use digital storage to back up original paperwork and printed copies.
For original or official paperwork, stow the originals in a safe or lockbox at your primary residence unless they are required during travel or business transactions.
Average Costs per State/City
Expenses vary widely by state; here are average costs to consider:
- Per-year costs for car insurance average $2,006 in New Jersey.
- Self-storage options in San Diego start at about $75.
- Expenses for childcare average $450 per month in Mississippi.
- The average cost of a home is below the national average at $155,200 in Las Cruces, New Mexico.
- Rental expenses in Boston, MA average $3,056 for a studio apartment.
Dual-state residency as a business owner can add complications to daily living, but the benefits are incomparable.
Shopping around for homeowner and business expenses can save you money and frustration, leaving you more time to enjoy your home and the fruits of your labor.