Thinking of alternative living on the water? What about a Float Home?
Float homes are a unique kind of real estate. The purchase and sale of floating homes are more complex due to limited financing alternatives, inspections involved, the particulars of moorages, geographic dispersion, etc. Keep this in mind. You will want a lawyer who has dealt with Float Home transactions before.
It will also take some digging to find a financial institution that will provide you with a mortgage. No land, alternative living, the Banks like low-risk financing of course. Keep in mind that your mortgage finance rate might be higher than the market rate, and the down payment required may be higher.
A floating home is exactly what it sounds like. It’s a normal home that sits on top of a float – typically constructed of logs or concrete. You will pay a monthly moorage fee. These fees cover the cost of water supply, waste disposal, and general upkeep of the marina. However, the reduced costs of owning a float home versus a traditional land-based home are still substantial.
Waking up with water views every day, this might be what you have been looking for.
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