Boating
By NBOA January 3, 2023
WHAT IS A HOUSEBOAT?
A houseboat has been broadly defined as “any boat or barge that has been modified or designed to function as a house.” They come in all shapes, types, and sizes, from standard vessels that have been retrofitted to be a home to non-motorized ships on barges.
FINANCIAL PROS & CONS
In some states and territories, you may not be required to pay property taxes if you live on a houseboat. However, the upkeep and maintenance of a houseboat can be costly, as well as the fuel needed to keep your houseboat moving. You should also consider the price of slip rentals and homeowner’s association fees at certain marinas.
HOUSEBOATS & MORTGAGES
Since houseboats are still primarily considered recreational devices and not permanent residences, securing a mortgage from most banks and lenders can be difficult. However, it is still possible to secure a mortgage for your houseboat under the condition that it will operate as a floating home stabilized in one location.
HOUSEBOATS & LOANS
As you weigh your options between financial institutions, it is important to remember that houseboat loans are typically larger than standard boat loans due to the required amenities of everyday living.
HOUSEBOAT INSURANCE
Insuring your large investment or your home is a no-brainer! Luckily, NBOA can help you with a free quote for affordable boat insurance. It’s as easy as clicking a few buttons or getting in touch with our experts for further details.