Buying, Financing And Living In A Floating House What You Need To Know
Priority 1 Lending
Priority 1 Lending
Published on June 9, 2023
Buying, Financing And Living In A Floating House What You Need To Know

Buying, Financing And Living In A Floating House What You Need To Know

Priority 1 Lending: Exploring the World of Floating Houses

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At Priority 1 Lending, we appreciate the diversity of home options available to potential homeowners. Today, we’d like to steer the conversation towards an unconventional, yet intriguing type of property – the floating house. Just as it sounds, these homes offer the unique advantage of living on the water. Let’s dive into the world of floating homes and what prospective buyers should know.

Understanding Floating Houses

Floating houses, or houseboats as they’re often called, provide a unique way of living that blends the comfort of a traditional home with the adventurous appeal of life on the water. These homes are built on a floating platform and are usually located in marinas, lakes, or riverfronts. They can range from small, cabin-like structures to large, multi-story homes, complete with all the amenities you’d expect in a land-based dwelling.
Benefits of Living in a Floating House

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Living in a floating home comes with several unique advantages:

  1. Unique Lifestyle: Living in a floating house offers an unparalleled connection to nature and the water, providing an adventurous and tranquil lifestyle. It’s ideal for those who love boating, fishing, or simply enjoying a waterside view.
  2. Close-knit Community: Floating house communities often foster a tight-knit neighborhood feel, offering a sense of camaraderie and community.
  3. Lower Maintenance: Depending on the type and location, floating houses can sometimes have lower maintenance requirements than a typical home, since there’s no lawn to care for or external painting to be done.
    Challenges of Buying a Floating House

Despite their appeal, floating homes also pose unique challenges:

  1. Financing: Traditional mortgages may not be available for floating houses, as they’re often classified differently from conventional homes. You’ll likely need a special type of loan, akin to a boat loan or RV loan.
  2. Insurance: Insuring a floating house can be more complex and often more expensive than insuring a traditional home.
  3. Limited Resale Market: Floating homes are a niche market, which might make them harder to sell.
  4. Maintenance Considerations: While some maintenance aspects are reduced, others, such as the need to manage rust and water damage, are unique to floating homes.

Navigating the Purchase with Priority 1 Lending

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Buying a floating home requires a different approach compared to purchasing a traditional property. At Priority 1 Lending, we’re here to guide you through the intricacies.

While Priority 1 Lending primarily deals with traditional mortgages, we can help you understand your financing options for a floating home, directing you towards lenders who specialize in boat or RV loans, which are more akin to what you’ll need for a floating home.

Additionally, we can help you understand the long-term implications of owning a floating house, such as the potential resale value, upkeep costs, insurance requirements, and lifestyle considerations.

Verify my mortgage eligibility (Dec 9th, 2023)


A floating home offers an alternative, exciting lifestyle that combines the comforts of home with the beauty and serenity of living on the water. It’s a unique choice and, like any real estate purchase, requires careful consideration and planning.

At Priority 1 Lending, we’re dedicated to helping you navigate your home buying journey, even when it takes you off the beaten path and onto the water. With our experienced team by your side, you’ll be prepared to make an informed decision about whether a floating home is the right choice for you.

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