Key Points
- "Snowbirding" is a term used in the New England states to refer to the practice of traveling south for the cold winter months, usually anywhere from November to April
- Snowbirding can be an ideal way to experience pleasant, mild weather while bypassing both the harshest cold of New England winters and the blazing heat of Southern summertime.
- There are many ways to snowbird, and each come with their own costs and benefits. It’s important to weigh the pros and cons of each method in light of your lifestyle, desires, and budget.
If you’ve ever felt the cold of a New England winter settle into your bones, you probably already know what a snowbird is. If this term is new to you, though, a snowbird is a someone –often a retiree-- who travels south in search of warmer weather in the winter. Since New England is known for its harsh ice, snow, and frigid winter temperatures, it’s no wonder that thousands of New Englanders migrate south to chase warmer, milder climates. Some beloved snowbird destinations to escape the cold are the Carolina’s, Florida, Arizona, and even Mexico and the Bahamas. But before you hop in the car and go, what sort of considerations should you account for?
What can you afford?
Possibly the biggest consideration for most people is the financial factor. Money is, unfortunately, an object for the majority of us, and even those who are comfortable financially benefit from being aware of where their money goes. The first thing you should do before setting your sights on a mansion in Malibu is to take an honest look at your finances. Ask yourself: How much income will you have? What expenses will you have? How much left over will you have?
If you’re planning to go from a high cost of living area to a lower cost of living area, your money may allow you to live a far more luxurious lifestyle than snowbirding to an exotic location where the cost of living is the same or higher than your home base.
What do you want to gain from the snowbird lifestyle?
If you don’t already have a destination picked out, take some time to define what you want out of your snowbird experience. Are you dreaming of a coastal retreat where you can relax by the ocean, or do you thrive on city energy with restaurants, nightlife, and events?
Your goals will help you decide where to land. For example, if you crave peace and ocean views, look for snowbird destinations on the Florida coast. If you prefer an active, urban vibe, you might explore inland cities where you’ll find more culture and diversity. Remember, though, that cities and coastal properties tend to be more expensive, whereas more inland or rural properties might provide a better financial value.
How long will you spend in each location?
The length of your stay will play a big role in what type of housing you choose in your target location.
If you’re planning a shorter-term stay, maybe a month or two, you may want to consider renting either a place to stay or booking a long-stay hotel suite. You’ll have more flexibility, less responsibility, and maintenance will be cared for by the owners, leaving you free to enjoy your time.
However, if you’re planning to spend more than two months in a row there, you might consider securing a vacation home with a long-term lease. You may also consider buying a vacation home outright. That way, you have the benefit of stability, comfort, and familiarity. Plus, you can make the place your own!
Will you be entertaining and inviting people to stay with you?
Your lifestyle and plans for guests and hosting should factor into your decision. If you want to host summer cookouts with lots of guests, an RV or camper might not have enough space to spread out. However, if you plan on keeping things quiet and maintaining some personal space, then a full second house filled with guest rooms might be overwhelming and needlessly high maintenance. After all, a larger property means more cleaning, upkeep, and generally higher costs, so be realistic about how much time, energy, and mental space you want to dedicate to each activity.
Managing money in multiple states can feel overwhelming, but a CERTIFIED FINANCIAL PLANNER ® can keep your snowbird finances simple. Whether it’s helping you create a personalized plan for saving, simplifying budgeting, or helping you understand and minimize taxes, AZTEC Financial Group is here to help you pursue your goal lifestyle.