Buying a houseboat or a floating home is very different from buying a conventional home or a condominium. Matt Goyer lives in a floating home in Eastlake at Mallard Cove, so he knows firsthand what it is like to buy, remodel and live on the water. The main differences from buying on land are found in the following areas.
Types of houseboats: Seattle has many different flavors of houseboats. While they might look similar, there are important differences between Floating Homes, Floating on Water Residences (FOWRs), House Barges, and Vessels with Dwelling Units (VDUs). These differences have an impact on not only the purchase and sale process and inspections, but also long term maintenance and taxation. Matt is here to explain the differences and/or guide you to local resources.
Communities: Choosing a community where you will feel at home is important. A dock’s location, ownership structure, availability of parking and storage, and rules regarding pets and remodeling or rebuilding may all be important considerations. Matt will listen carefully to you and direct you to the communities that are likely the best fit.
Financing: Many houseboats are considered personal property. For this reason there are only a handful of lenders who specialize in mortgages for Seattle’s houseboats. If you are looking to finance, interest rates, down payments, loan terms and loan types will be slightly different for houseboats than for homes on land. We will gladly connect you with lenders who can assist you in purchasing the property you are interested in.
Inspections: Houseboat inspections are unique and most often require specialized professionals. Some will involve a home inspector, a marine surveyor, a diver, a marine or geotechnical engineer, or a combination of these. Matt is here to guide you to the appropriate resources for the property you are in the process of buying.
Price: Pricing a houseboat is a complex affair. Fair market value will vary based on whether a slip is condominium owned, co-op (cooperative) owned or leased. When leased, the lease terms can have an influence on value. Location, views, orientation, decks, boat moorage and common areas have a drastic impact on price as well. Matt holds a Bachelor of Mathematics with a major in Computer Science and loves digging into the numbers, so he knows how to compare the home you are looking at to other recent sales in the community.
Off-market houseboats: The houseboat of your dreams may not be currently for sale, but because Matt lives on the water and is constantly active inside the community, he hears when owners are considering selling. When he knows what you hope to find, he may be able to connect you with a seller before a home is listed or before it comes to market.
We are here to answer any of your questions. How do houseboats perform as an investment? How do taxes work? How do utilities work? How does title work? Who do we contact for insurance? When is the best time of the year to buy a houseboat? Please feel free to contact us with any question that comes up for you and/or to schedule a tour through the houseboat community.
Ready to start your search?
Tell Matt what you are hoping to find, and he will help you navigate the houseboat and floating home market from the first tour to closing day. Call or text 206-203-6242, email matt@lake-life-seattle.com, or send a message below.
Matt Goyer, Owner & Managing Broker, Urban Living
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