Things To Remember When Buying A Houseboat

Boat House

We recently talked about all the benefits of owning a houseboat.

Whether you’re planning to live on it or use it for amazing holidays, there are some things you should consider before buying a houseboat.

We’ve put together a few tips to help you get started.

Tips on buying a houseboat

Your Boat Licence

You will need a Recreational Marine Licence if you ever want to take your new houseboat out of the marina. Obviously, you should make sure you have this before shopping as you’ll want to be able to go for test rides.

Houseboat Inspections

Much like buying a house it’s very important to get a pre-purchase boat inspection performed by an experienced houseboat inspector. This is extensive and involves a full haul-out inspection of the hull, interior, and a valuation for insurance and finance purposes. Make sure you use experienced inspectors that know what to check – if they miss something like rot in the timber you could be stuck paying a fortune in repairs.

A budget for your Expenses

Make sure you’re aware of all the expenses you may face in buying a houseboat. Get a quote on boat insurance and do some research on running and ongoing maintenance costs. A houseboat will have more wear and tear than a brick and mortar home so you will need to budget for this. Also investigate, and possibly apply in advance, for mooring costs and availability. In some city harbours it’s essential you make sure you have a place for a houseboat before buying.

Houseboat Finance

Whether you plan to use it as your primary residence or not, a houseboat loan is not treated like a mortgage by the banks, but as a recreational vehicle. This means it can be harder to get finance for a houseboat, and your interest rates may be greater than you’d expect. Many financers ask for at least 20-30% down payment and a pre-purchase boat inspection.

If you are considering the move to a houseboat talk to the team at BoatLoans about houseboat finance. We have a broad range of lenders from which to find the best rates to suit your situation.