There were 7.5 million second homes in 2020, according to the National Association of Home Builders (NAHB). Most of these homes were located in states such as Florida, California, New York, and Texas, while some of the top counties with second homes included Maricopa (Arizona), Palm Beach (Florida), Lee (Florida), Broward (Florida), and Riverside (California).

That said, these aren’t the only areas where Americans are investing in second homes. Other popular destinations, according to MarketWatch, include Franklin County (Florida), Sevier County (Tennessee), Trigg County (Kentucky), and Grand County (Colorado). 

While there are many advantages of owning a second home, it can be quite challenging for business owners to find the time to travel between residences and keep up with home maintenance tasks. Check out these tips from Nick’s Beach Rentals to learn how to manage multiple properties with ease while simultaneously running a small business from near or far.

Designate a Registered Agent

When you’re busy running a business, raising a family, and taking care of multiple homes in different states, the last thing you want is to be contacted directly in the event of a tax issue or lawsuit. This is where your registered agent should come in. By designating a registered agent in each of the states where you’re registered to engage in business activities, you’ll have a clear process in place if you’re away from your primary home and served with a lawsuit, subpoena, or another legal document. 

Design a Home Office

To ensure that you’ll be able to work productively while dividing your time between homes, you’ll need a private home office space. You’ll be able to qualify for a home office deduction at tax time, and you can use water- and- fireproof safes and lockboxes to protect and organize your important business documents. 

Purchase Family-Friendly Products to Make Life Easier

To make life easier and save money on must-have products for each of your homes, be sure to read online product reviews from unbiased sources before making purchases. Many review sites can be used to compare everything from indoor air quality monitors and all-terrain strollers to vacuum cleaners and travel backpacks. You might also consider comparing home security systems from leading brands like SimpliSafe, ADT, Ring, and Blink. 

Compare Average Costs for the Things You Need

Before paying for the services and insurance coverages you need to manage your multiple homes, it’s important to familiarize yourself with the average cost of things such as insurance, healthcare, and self-storage. These costs typically vary by city, state, and county, as well as many other factors. 

As a few examples: 

• The average cost of home insurance in Los Angeles (California) is $1,385 annually, about $300 higher than the state’s average. 
• Lawn care services in West Palm Beach (Florida) vary by lot size and frequency, but starting costs typically range between $29 and $50 per service. 
• The cost of renting these storage units in Denver (Colorado) varies by unit size, location, and included amenities. The average self-storage unit in Denver, however, costs $105.36. Be sure to compare storage prices by zip code to review your local options and fees.
• In Montauk (New York), childcare expenses for two children average about $34,472 per year. 
• Residents of Sevierville (Tennessee) pay an average of $50 monthly for automobile insurance. 

In Conclusion

Owning homes in multiple states can be a headache, but there are some steps you can take to save money and reduce stress while traveling between properties. As a few examples, it’s important to appoint a registered agent for your business in each state of residence, purchase only top-rated products for your home and company, and compare storage unit costs before renting a space to hold your belongings. 

If you’re splitting your time evenly between two states, there are some other things you can do to save on insurance costs. As one example, you could purchase health insurance in the state with cheaper premiums. And for car insurance, you’ll save money if your vehicle travels with you between each of the homes you own — rather than buying a car to keep at each separate residence. 

Whether you’re dividing your time between Colorado and California, Florida and New York, or Tennessee and Kentucky, these tips will help to make your life a little bit easier. Multi-state living can be enjoyable, but there’s a whole lot to keep up on when you’re busy running a business and caring for more than one home! 

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Looking for a top-rated beach penthouse in Los Angeles? Look no further than Nick’s Beach Rentals. Visit nicksbeachrentals.com, call 424-274-2333, or email contact@nicksbeachrentals.com.