- Becoming Eligible for a Houseboat Mortgage
Obtaining a financing option for a houseboat is dependent on the type of home you wish to purchase. A houseboat is a moving vessel typically financed through a recreational vehicle loan.
You’ll need to put down 20% to 35% of the purchase price for most loans. Houseboats often have higher mortgage interest rates than regular residences. A Seattle floating home’s mortgage will cost 1 to 2 % more, and a houseboat in Seattle will cost three percentage points more.
- Having a Houseboat Inspected
Before you’re done finding your dream Seattle houseboat, all vessels must pass a marine survey, which includes an inspection of the inside and is used to determine the value by the creditor and insurance company.
The buyer is always responsible for the assessment and the lifting out of the water, the cost of which is controlled by the volume of the structure. Only professional vessel surveyors should be used, and many creditors have their authorized surveyors and divers.
- Give it Some Thought
Like any other home, purchasing a houseboat is a significant financial commitment. It shouldn’t be something you buy in the spur of the moment. If you appreciate having birds, seals, and sea lions in your yard, then arm yourself with the correct knowledge and help to aid you in your purchase, and soon you’ll be floating on a reservoir or sailing the high seas.
- The Spending Plan For the Acquiring Fees of a Houseboat
Even though many houseboat owners do not pay property taxes because the marina covers them, the purchaser must pay sales tax, insurance, and dock or slip rental costs at the time of purchase.
Homeowners association costs may also apply to floating properties. You can either incorporate the sales tax into the loan or add it to the down payment and survey charges when purchasing a houseboat or floating home in Seattle.
- Benefit From Tax Breaks
If your houseboat is your primary home or second home, and the houseboat is used as security for the loan, you can deduct the interest paid on the loan on your tax return.
Houseboats For Sale In Seattle
Before acquiring a houseboat or floating home, keep the above factors in mind. If you are interested in purchasing a houseboat, you may contact Special Agents Realty to learn more about the houseboats for sale in Seattle.