Change Residency but keep Vacation Home?
My wife and I are between 2 and 4 years away from retirement (at age 60 or 62 for me, 62 or 64 for her) and expect to full time for a couple of years. I understand the benefits of establishing residen...
Forum Discussion
I agree with most of the answers. You should be able to establish residency in a different state, therefore claiming that NJ is simply a summer home.
Just remember that a lot of things have to change over. Make sure you understand all your insurance issues when switching to another state. Could there be new rules under the Affordable Care Act for your new state that effects your health care or prescriptions?
Also, some states/counties charge one amount for property tax is you are a resident in that state, and a much higher rate if you own property there and are actually a resident of another state. Will being a non-NJ resident cause your property tax to rise significantly? What are the costs on your homeowners insurance policy when you change it from the current status to part time vacation home where it sits empty for much of the year?
When we went full time there were tons of those issues when deciding on keeping the stick and brick or selling it. For us it just was not worth it to keep the house.
Just remember that a lot of things have to change over. Make sure you understand all your insurance issues when switching to another state. Could there be new rules under the Affordable Care Act for your new state that effects your health care or prescriptions?
Also, some states/counties charge one amount for property tax is you are a resident in that state, and a much higher rate if you own property there and are actually a resident of another state. Will being a non-NJ resident cause your property tax to rise significantly? What are the costs on your homeowners insurance policy when you change it from the current status to part time vacation home where it sits empty for much of the year?
When we went full time there were tons of those issues when deciding on keeping the stick and brick or selling it. For us it just was not worth it to keep the house.
