By: Annabelle Harris
You’ve been running your business in several states, and as you expanded your company, you grew your real estate portfolio, too. Now, you’re a homeowner in these states, and you’re trying to get a handle on all of your responsibilities. With a little assistance from Philly Home Organizer, you can create comfortable workspaces in your homes! Furthermore, these tips will walk you through key business tasks and financial considerations.
Secure Your Properties
If you regularly travel between properties, you might find yourself worrying about home security when you’re away, especially if you store valuable business equipment at your various homes. Investing in the right security tools and home goods is the key to keeping your family and belongings safe when you’re out of town. From security cameras to alarms to digital locks with passcodes, there are plenty of tools you can rely on for peace of mind. Before buying any new products, just make sure to check out informative reviews from unbiased sources.
Assign a Registered Agent
If you haven’t already chosen a registered agent for your business, now is the time to do so! NerdWallet states that when you register your business with a specific state, you will also need to choose a registered agent who maintains an address in the same state. This means that even if you own properties in multiple states, your chosen registered agent will need to live in the state where your business is legally based. Your registered agent can handle lots of business tasks in your absence, from tax notifications to lawsuits. Just make sure to outline key workflows and processes for whoever you appoint!
Choose the Right Insurance Coverage
If you live in multiple states, buying health insurance can quickly get complicated. To sum it up, you’re required to purchase a health insurance policy in the state where you maintain your permanent address, which means you cannot take out policies in two states at the same time.
But what if you have some flexibility in where you establish your main residence? You may want to research which state offers the cheapest policies while still providing adequate coverage. Remember, you should automatically have emergency coverage in every state, so no matter where you are, you can always seek medical care if you need it. Keep in mind that you’ll also need to buy auto insurance in the state where your vehicle is registered, so try to register it in an affordable state if possible.
Analyze Your Cost of Living
As a homeowner with properties in several states, you’ve undoubtedly noticed that your cost of living differs depending on your address. By researching the cost of living in each state where you own property, you can take advantage of the most affordable prices for different services. These financial figures can help you sort out your budget:
- If you need to store your belongings while moving to or from Las Vegas, NV, these LV units cost $125.87 on average.
- In Philadelphia, PA, you can anticipate spending about $1,340 on health insurance premiums per year.
- Do you live in New York City? If so, Smart Asset recommends that you budget about $486.71 per month for groceries.
- If you’re raising children in Wilmington, DE, your daycare costs will hover around $883 per month.
- Aspiring homeowners in the Salisbury, MD area should keep in mind that the median list price in the area is $228,950.
When you’re an entrepreneur managing a multi-state business, owning properties in the different states where your business operates can be a smart move. But managing your life on the go can be tough! With these tips, you’ll feel better equipped for refining your budget, finding a registered agent you can rely on, and securing your properties.
Want to renovate your properties to better accommodate your business? Turn to Philly Home Organizer for help! Fill out the contact form on our website today to get started.
Photo via Pexels Andrea Piacquadio