Purchasing a house or a boat are both big decisions. Purchasing a houseboat is even bigger. Whether you are considering the houseboat for recreation, investment, or a new living situation, you will want to protect your purchase with OC Boat Insurance. As you are shopping, there are a number of things to know before buying a houseboat.

1. How Much Is a Houseboat?

On average, a good quality 600-square-foot houseboat costs $50,000, but that price can go up or down depending on the age, type and condition. Some houseboats look more like floating houses, while others have a definitely boat appearance. The most popular style is a flat pontoon with four walls and a roof on top. You could spend less than $50,000 if you want to take on a fixer-upper, or you can spend significantly more for a luxurious yacht. For financing, lenders view houseboats much like RV’s instead of like traditional houses. While you can get a mortgage on your floating home, the terms of the loan will usually be much shorter than a traditional mortgage.

2. What Are the Uses of a Houseboat?

Houseboats can be used as a primary residence, for weekend recreation, or as an addition to a vacation. Consider a houseboat buyers guide to help navigate all the possibilities. If you plan to live full-time you’ll need a larger kitchen, sufficient sleeping and restroom spaces, and ample storage options. If the boat is for play, you can focus more on the decks and fun areas. When deciding on your intended use, keep in mind that accommodations will have to be made for winters in freezing areas. Also, it’s important to note that houseboats are not built for speed, so if you’re looking for a boat to zip around the lake, this is not your best choice.

3. What Are the Financial Advantages of Living on a Houseboat?

Living on a houseboat is usually less expensive than living in a traditional home. Here are some of the advantages:

• Estimated cost of living on a houseboat is $6,000 per year.
• You don’t have to pay property taxes when you live on a houseboat. Main fixed costs include:
  • Insurance
  • Sales tax
  • Dock or slip rental costs
• Maintenance costs on a houseboat are generally lower than on a house
• There are potential tax breaks for a houseboat
• No yard or landscaping expenses

4. What Are the Financial Disadvantages of Living on a Houseboat?

There are some financial disadvantages to life on a houseboat, including:

• Dock or marina fees, which can vary but averages from a few hundred to $1,000 per month
• Utility fees for water and electricity
• Fuel costs
• Maintenance on the engine and other parts of the houseboat
• Costs of pumping sewage

Buying a houseboat is a big decision, especially if you’re considering making it your primary residence. Be sure to carefully investigate your options, and remember to protect your investment with OC Boat Insurance.

About Mariners Insurance

Mariners General Insurance Group was founded in 1959 to protect boat owners and marine business clients. We are marine insurance experts and insure boats worldwide – in every ocean on the planet. Marine insurance is critical if you own a boat or nautical business. Trust the professionals with all of your Boat Insurance needs – trust Mariners Insurance. Call us at (888) 402-5018 any time you have questions or concerns about insurance for your vessel or marine business.