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Floating Home FAQ -
Frequently Asked Questions About Floating Homes
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Floating Home FAQ's - by Graham Marden - (503)807-4504
Floating Homes for Sale in Portland Oregon No Floating Home Rentals
Expert: Graham Marden, Premiere Property Group, LLC

Reprinted with permission by the Oregonian Publishing Company
Topic: "What should I know about buying a floating home?"

Floating Homes for Sale in Portland Oregon FAQ StripQ: I'm thinking about buying a floating home.
What should I know about financing?

(This article first appeared several years ago in the Oregonian - to read a
recent Oregonian interview with Graham Marden, dated 6/24/15, click here.)

A: Floating homes are considered personal property, so the
few lenders that offer loans on them have different requirements
than for a home on land. Interest rates are usually about 1 1/2 - 2 points
higher than for real property loans. These lenders require a 20-25 percent
down payment, with the balance at roughly 5.5 to 7.5 percent
interest over a term of 20 to 25 years.

To make the deal more attractive, some sellers offer to carry the sales contract
themselves (also known as seller financing), which allows them to
ask for different terms than banks typically do.

Q: How do floating home inspections differ from those on land?

A: The most important aspect of inspecting a floating home is the dive or float
survey. This entails going under the home to check on the condition of the logs,
stringers, shims, pins, flotation and chaining to the mooring slip. Cement floats
will have far less maintenance than a log and stringer float. All lenders
require a dive survey. The cost is about $600 to $1000.

(To watch a video that shows exactly what is entailed in a dive survey, click here.
Look for the second video down, titled, "Floating Home Inspection - Float Survey".)

In addition, I always recommend an above-water-line inspection, as a buyer
would do with a home on land. The cost is usually $300 to $400,
depending upon the size of the property.

Q: What should I know about homeowners insurance for a floating home?

A: Homeowners insurance is easy to obtain but is slightly higher than for homes
on land. The annual premium is about $400 to $1800 depending upon the total
amount of the coverage for the home, the value of the property (excluding the
value of the slip), personal belongings, etc.

Q: What are some positive features to look for in a floating home?

What are some "red flags" to watch out for?

Positive features to look for include:

* Having the slip included in the sales price;

* Decking that is part of the house and/or a swim float that is attached to the
main house which offers additional outdoor decking space
for viewing the river and entertaining.

* A cement float, which lasts longer and is easier to maintain than a log float
(in newer homes with log floats, however, look for steel stringers);

* A metal roof, which is easier to maintain and lasts longer than
composite, rolled or shake roofing materials;

* A place to moor your boat or other water toys.

Some "red flags" to watch out for are -

* Windows with cracked seals;

* Damaged or weathered siding;

* Chaining & bracketing properly to the mooring slip;

* Problems with the float or built-up sediment under the house,
both of which can be detected in a dive survey.

(Also, if the home had a second level added after original construction,
 have your inspector make sure that the home is structurally sound.)

(Scroll down to continue...)
Floating Homes for Sale in Portland Oregon Call Me About Portland Floating Homes
Floating Homes for Sale in Portland Oregon Graham Bio
Floating Homes for Sale in Portland Oregon Generic StripQ: What should I find out about the moorage?

A: Check the by-laws or lease agreement for possible restrictions -
such as pet policies (whether dogs are allowed); the size of the boat that
can be moored to your home; the availability of RV parking,
storage and a garage for your car.

Also, find out whether slips are available for purchase or by rental only.
Even if you own your slip, there is a Home Owner's Association (HOA) fee
which typically range from $200 to $600 per month and includes your; water,
garbage and sewer service, plus maintenance for the common areas
including the walkways, parking lot, landscaping and entry gate,
if available. If you do not own your slip, the rental/moorage
fees will be higher, usually from $500 to $750 per month,
w/ the same services included.

(A list of the top Portland-area moorage facilities, their monthly
HOA fees, the number of available slips they offer, and other
important info, is located right here.)

Q: What should floating home novices
know about life on the water?

A: Part of living in any moorage means hauling your groceries down
the ramp and your garbage back up. Plus, most moorages do not have
garages to protect your car from the elements. Only four moorages can
guarantee you an owned garage and two others have them on a rental
basis only. The largest moorage in town, has some carports w/ storage,
but these are not owned or transferable, they are rented
and available on a wait list basis.

What one is really buying on the river is a lifestyle unavailable anywhere else.
For most people, life on the water provides tranquility and a respite from the
trials of life itself. It also offers buyers the opportunity to view an
abundance of wildlife not found in the city.

Q: What about resale prospects?

A: Due to the strict financing requirements, it usually takes longer to sell a
floating home than a house on land, on average six months to 1 year
(compared to a land average of 100 to 180 days in the Portland area).

The appreciation of floating homes follows that of the overall real estate
market. From 1993 to 1998, the values soared.  However, during 2001-2003
annual appreciation slowed considerably during the economic slowdown. The
same holds true since the recession that began in 2008. As the economy and
overall real estate market improves, so will appreciation on the river with floating
homes. As the available inventory of slips diminishes, the values should continue
to gain in the future. (A list of 15 of the top Portland-area moorage facilities,
their monthly HOA fees, the number of available slips they offer,
and other important info, is located right here.)

Q: Anything else I should know about
purchasing a floating home?

A: Buying a floating home offers a unique opportunity for a different and
relaxing lifestyle. Slip prices range from about $75,000 to $150,000,
depending on the moorage, the exact location of the slip,
and whether a garage is included.

As with homes on land, it is possible to have a new house custom-built
to your specifications. For further information about building a floating home,
obtain financing, inspections, insurance and viewing of properties
on the river, my contact data is noted below.

***To return to the View Floating Homes Page, click here.

***To read additional information about floating
homes (Floating Homes 101), click here.

***To watch some brief, informative videos about living on the water
 in a Portland Oregon floating home, floating homes inspections
and floating home repair, click here.

***To view illustrations of conventional log floats (a critical element when
purchasing certain types of floating homes), click here.
Floating Homes for Sale in Portland Oregon Smart Seller    Floating Homes for Sale in Portland Oregon Smart Buyer
Floating Homes for Sale in Portland Oregon Graham MardenGraham Marden is a REALTOR® and a broker with Premiere Property Group,  
LLC, in beautiful Portland, Oregon. Marden, who holds the Graduate REALTOR®
Institute (GRI) designation, has been selling floating homes on the river and real property
on land in the Portland area since 1994. Graham Marden ranks among the Top 1% of
real estate agents nationwide in terms of overall Web site traffic. If you are interested in
buying or selling a floating home anywhere in Oregon, floating homes expert Graham
Marden has a wealth of experience at the ready...call Graham direct at 503-807-4504
Floating Homes for Sale in Portland Oregon Moorage InfoFloating Homes for Sale in Portland Oregon Floating in ParadiseFloating Homes for Sale in Portland Oregon Get Top DollarFloating Homes for Sale in Portland Oregon Big MistakeFloating Homes for Sale in Portland Oregon TestimonialsFloating Homes for Sale in Portland Oregon Sell SmartFloating Homes for Sale in Portland Oregon View Floating HomesFloating Homes for Sale in Portland Oregon MenuFloating Homes for Sale in Portland Oregon Home Page
Floating Homes for Sale in Portland Oregon - Call Graham Marden - (503)807-4504
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Floating Homes for Sale in Portland Oregon 650While you are here looking at Portland floating homes, feel free to take an unhurried
look around. Discover how Portland real estate agent Graham Marden can help you
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tools make buying or selling any home a virtual breeze...The full web site link
menu is located at the bottom of every page on this site.

To contact internationally recognized floating homes expert Graham Marden,
simply fill out the brief form found on Graham's Floating Homes for Sale in Portland Oregon
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 Floating Homes for Sale in Portland Oregon:
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Floating Homes for Sale in Portland Oregon Graham MardenGraham Marden is a REALTOR® and a broker with Premiere Property Group,  
LLC, in beautiful Portland, Oregon. Marden, who holds the Graduate REALTOR®
Institute (GRI) designation, has been selling floating homes on the river and real property
on land in the Portland area since 1994. Graham Marden ranks among the Top 1% of
real estate agents nationwide in terms of overall Web site traffic. If you are interested in
buying or selling a floating home anywhere in Oregon, floating homes expert Graham
Marden has a wealth of experience at the ready...call Graham direct at 503-807-4504
Floating Homes for Sale in Portland Oregon - Call Graham Marden - (503)807-4504
***MEDIA INQUIRIES: Internationally recognized floating homes expert Graham Marden has received
extensive worldwide media exposure, in such major venues as the New York Times, MSN Real Estate,
The Freshwater News, Oregon Home Magazine, Portland's "Oregonian" newspaper, and many
other well-known major media publications. To request an interview with floating homes expert
Graham Marden, select one of the following options: Call Graham direct at 503-807-4504,
Floating Homes for Sale in Portland Oregon Top Final
Beautiful floating homes for sale in Portland Oregon...your new life on the water awaits!

Floating Homes for Sale in Portland Oregon Sell Your Floating Home Main
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