Have you ever thought of owning two homes? Owning homes in multiple cities, such as Panama City Beach and another location, offers the opportunity to enjoy diverse lifestyles and experiences. However, effectively splitting your time between two residences requires careful planning, organization, and a clear understanding of your priorities. Below, we explore strategies and considerations for successfully managing your dual-home lifestyle.
Moving to Panama City Beach, even for only a portion of the year, is a popular choice because of the proximity to beach, diverse real estate market, and extensive amenities. Consider the lifestyle you could enjoy by investing in a second home in this charming beach town.
Things to Consider When Splitting Time Between Two Homes
Define Your Goals and Priorities
Before embarking on the journey of splitting your time between two cities, and thus, two homes, it’s crucial to define your goals and priorities. Consider the following questions:
- Why do you want two homes? Determine the primary reasons for owning properties in both Panama City Beach and the other city. Common motivations include lifestyle preferences, family commitments, work obligations, or personal interests. Understanding why you are purchasing a second home in Panama City Beach will help you stay focused and motivated in the house hunting process.
- How would you ideally like to split your time? Decide how you want to split your time between the two homes. Do you prefer spending equal time in each location, or are you looking for a seasonal arrangement?
- What financial factors do you need to keep in mind? Assess the financial implications of maintaining two properties, including mortgage payments, property taxes, maintenance costs, and travel expenses. Create a budget to ensure you can comfortably sustain this lifestyle.
Choosing the Right Property
Selecting the right properties in both locations is critical to your dual-home lifestyle. Ensure that each property’s location aligns with your goals and lifestyle. For example, in Panama City Beach you may decide that proximity to the beach and amenities are a priority, while in the other city, factors like work, family, and personal interests should guide your choice.
Evaluate the type of property that suits your needs. Condos, townhouses, single-family homes, or apartments offer different advantages and maintenance requirements.
If you’re not occupying one of the homes year-round, consider the potential for rental income. Renting out your property when you’re away can help offset expenses.
Amenities are another feature that may set one property apart from another. Assess the amenities and features of each property, such as pools, fitness centers, and security, to ensure they meet your lifestyle preferences.
Develop a Schedule
Creating a well-structured schedule is key to successfully splitting your time between two homes. Start by creating an annual calendar that outlines your intended travel dates, including arrival and departure dates for each location. If you prefer a seasonal split, decide which seasons you’ll spend in each city. Factors like weather, local events, and personal preferences can influence this choice. Maintain some flexibility in your schedule to accommodate unexpected events, family commitments, or changes in priorities.
Setting Up Both Homes for Part Time Residence
One of the keys to successfully enjoying splitting your time between two homes is setting both of them up to be equally comfortable. After you have decided when you will be living in each, you can make crucial decisions about how to stock and furnish them.
Included in this decision making process is whether you will list the property as a short term rental when you are not living in it, or if you will keep it exclusively for personal use. In either case, you may want to hire some services to streamline the process of maintaining the property when you are not there. Whether you hire a property manager that can handle any guest needs and a housekeeping service if you make the home into a short term rental, or just hire a landscaping maintenance company and make sure a trusted neighbor has eyes on the property, consider who you will trust to care for the property when you are not there.
You may also want to lean on smart home technology to keep your home safe at all times. Install smart home devices like thermostats, security cameras, and remote-controlled locks to monitor and control your properties remotely.
Consider leaving a full wardrobe in each home, in addition to pantry staples, extra cleaning supplies, and other necessities that you would otherwise need to pack or purchase. As much as possible, make the home ready to welcome you at any time.