Who Buys Floating Homes?
Anyone and everyone who is interested in a wonderfully unique lifestyle that involves the tranquillity of the water. People from all walks of life that all have the desire to live on the water in common. A unique blend of individuals who want to get away from the ordinary. River living is a year-around vacation with an ever changing view. For lots of people, it is a life-changing experience.
Are there the same conveniencies on water as on land?
Floating home moorages still have most of the same commodities that you will find on land. You will have electricity, water, sewer and phone. Many moorages have gas or propane readily available. Some moorages have cable television, while others you will need your satellite dish.
How does financing work with floating homes?
Floating homes are personal property and there are not as many lenders. The interest rate runs a bit higher than real property loans with anywhere from 15 to 25 year loans depending on which lender you chose. Lenders require anywhere from 15 to 20 percent down payment. You will want to check with each lender and pick the one that best fits your financial needs. Most of the banks that lend on floating homes require a current float inspection and appraisal. It is always a good idea to get pre-approved from the bank so you can provide that when you make an offer on a home. Occasionally you may find a seller that will be willing to carry a contract with less down but they will usually require you to refinance the home in a couple of years to pay the balance. You may either email me or call me at 503-312-4168 for the banks, loan officers and their contact information.
Do you do the normal inspections on a floating home?
One of the most important inspections is the float. This is your foundation for the home. Because this is a part that can not be seen, you need to have a professional inspect the logs, stringers, floation, brackets and general underwater condition of the home. These inspections usually run around $400 - $500.
It is also very advisable to have an above-water inspection performed. I work with a few very good inspectors that have been doing floating homes for quite awhile . . . one of my inspectors even lives in his own floating home. These can run anywhere from $300 to $450 depending on the size of the home.
What other costs are associated with buying a floating home?
All moorages will have some type of monthly maintenance fee, which will include your water, sewer, garbage. If it is a rental moorage, you will pay the landlord and he will maintain the docks, common areas and pay the insurance and taxes on the moorage and real property. Rental moorages usually have a bit higher monthly fee. Homeowners associations are where you will buy the slip and usually have a lower monthly fee. Most of these are on a lease from the Division of State Lands, but I will explain that further when we check out the different moorages and homes in the area.
Also, homeowners insurance is a bit higher than regular home-owners insurance because of being located on the water and also because Red Shield is the only insurance carrier on floating homes.
Where is the best place to live on a floating home?
Each person in their community will tell you their moorage is the best . . . so it's good to get out to all the areas. Each area is a little bit different and each moorage has it's own personality. It's good to spend time on the different moorages to see what works best for you. You would also need to get a copy of the Rules and Regulations (CC&R's). These will explain the moorages do's and don't's. They will explain about extra boat moorage, pets, architectural guidelines, etc plus over-all moorage etiquette.
The answer to this question though is . . . the best place to live is on the WATER. My motto is "IF YOU'RE LUCKY ENOUGH TO LIVE ON THE WATER - YOU'RE LUCKY ENOUGH!"
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