In today’s challenging real estate market, many buyers are exploring non-traditional ways to make their dreams of homeownership a reality, and that includes buying houseboats.
But because houseboats aren’t the most common form of real estate, many buyers have questions about the process, benefits, and potential drawbacks. If you’re considering buying a houseboat, it’s important to understand those things before making an offer.
A recent article from realtor.com outlined key things to know about buying a houseboat, including:
- It can be budget-friendly. If you’re working with a budget, a houseboat could be a good option to explore. Not only are houseboats often less expensive than on-land homes, but you also don’t have to pay property taxes, which can significantly lower your monthly living costs.
- It can be harder to get a mortgage. As mentioned, houseboats are often more affordable than traditional homes. But many lenders don’t offer mortgages for houseboats, so you’ll either have to search far and wide to find a lender willing to work with you, or go in with an all-cash offer.
- Space can be tight. According to the article, a typical houseboat is only 14 feet wide. If you’re going to buy a houseboat, you’ll need to get used to living in a smaller space. And because there’s limited space in a houseboat, storage can also be an issue, so if you’re a person that needs a lot of closet space, it’s something to keep in mind.