If you want to purchase a home that is literally on the lake, the home buying purchase process is going to be a little different than purchasing a regular home. You are going to need to get a recreational vehicle loan, undergo a marine survey for the home inspection, and budget for the marina fees.
#1 Getting A Loan
If you do not have the cash to purchase a houseboat outright, your other option is to get a loan. Even though it has the word "house" in it, you are most likely not going to be able to get a home loan for your houseboat. Instead, you are going to need to go after either a recreational vehicle (RV) loan or you need to pursue a floating-home loan.
Recreational vehicle and floating-home loans work a little differently than home loans. With these types of loans, you are going to have to put down a much larger down payment. Don't expect to get by with a 10% down payment like you can with a traditional home. You are going to have to put down two to three times that amount for this type of loan.
The loan lengths are generally more like traditional homes though, giving you twenty to thirty years to pay off the loan.
#2 Get A Marine Survey
Typically, when you purchase a home you get a home inspection. You are still going to want to get a traditional home inspection when you purchase a lake boat to make sure the home structure is solid.
You are also going to need to get a marine survey as well. The marine survey will inspect the hull of the house. You will have to pay to have the boat lifted out of the water and inspected. You need to make sure that you budget for this expense. You need to make sure that the lake boat you are interested in purchase is a good floating vessel and not just a good looking home.
#3 Budget for Marine Fees
Finally, it is important to understand that you are going to be responsible for more than just your monthly mortgage payment. You are going to have to pay dock rental slip fees, which can vary in price from year to year and are not locked in place. You may be subject to homeowner's association fees as well that apply to all homes on or in the lake, which means you also have to keep your home up to the homeowner association standards. You will also need to carry insurance on your home as well as an annual relicensing fee. Make sure you can afford all of these expenses.
Contact a company, like Harbor Cottage Houseboats, for more help.
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