4 options for 4 financial mindsets
Now that the weather is finally warm and sunny, the last thing you are probably thinking about is the cold and snow that will rear its frosty head this winter. While you are enjoying the beautiful weather this summer, it may be time to consider how you can enjoy this weather all year long.
Snowbirding is definitely an appealing lifestyle goal, especially for those who aren’t quite as fond of the blustery winter months. However, those who have a financial mindset want to ensure they do it in a way that is sound and won’t ruin their overall money goals. There are several options for people to snowbird on a budget, and each gets you out of the cold and into a sunnier winter.
Option 1: Utilize Airbnb and other rental ideas
Paying for two places can put a strain on your finances. Plus, leaving your home empty for the winter isn’t always ideal. One way to handle the situation is to rent your main home while you’re away. There are several services that can help make this happen. Property management is generally available through your local real estate offices, while something like Airbnb focuses on running your home as a short-term lease or lodging option for people visiting your area. Another option is to sublet your home for those months by running ads in local papers or using sites like Craigslist. Before you choose which works best for you, research what you are most comfortable with, and talk to people who have done it successfully. You may want someone to assist, or manage so you can avoid dealing with anything that pops up while you’re away. You still may want to consider increasing your insurance during this time to cover unforeseen events, but using your main home for income while snowbirding is a great thought for those with a financial mindset.
Option 2: Invest in your snowbirding accommodations carefully
If you are renting, buying, or doing a vacation share, be realistic about what size snowbird home you’ll need. Chances are, having something big will affect your finances markedly. Instead, consider a smaller condo, apartment, or cottage-type home. Again, if you are outright buying instead of renting, consider ways to make it an income property as well. Is the place you bought your snowbird home a year-round travel destination? If so, consider renting it out during the rest of the year. Another great thought is to establish a relationship with whom you rent from. Many property owners look for reliable, respectful, and responsible renters. If you are all of those, chances are you can request to get the same rental period each year.
Option 3: Choose your location wisely
There are locations around the country that are popular snowbird destinations. They tend to be harder on the budget. If you have the financial mindset to keep things reasonable while snowbirding, start looking for locations that are near the more popular places, are up and coming, or are just as sunny, but not as popular. You don’t have to snowbird in Palm Springs or Boca Raton, instead, do some in-depth research and find charming places with excellent prices and idyllic winter climates.
Option 4: Become a mobile snowbird
If you have an adventurous soul, but still want to stay within a certain limit financially, investing in an RV may be the perfect option for becoming a snowbird. Not only does it give you the ability to explore many different destinations, you’ll also find its affordable, and there's a strong RV community in the United States that is welcoming and helpful.
Snowbirding is a seasonal migration that allows people a wonderful lifestyle. By understanding and acknowledging the challenges, you have a better chance of doing it successfully and not adding on an abundance of expenses.
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