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Buying a boat to live on isn't a simple decision. There are old boats and new boats, million-dollar yachts and beat-up old fishing trawlers that some people call home. But for this purpose, we'll stick to flat-bottomed houseboats that are designed to be floating cottages.

Owning a houseboat has gotten trendy in the past few years. New ones can be as long as 150 feet, cost well over $1 million and include any and all of the bells and whistles that you might find in a million-dollar house on land.

Smaller, older houseboats are more reasonably priced — in fact, often very reasonably priced — and while those who live on one pay for marina space, they avoid real-estate taxes, trash collection and recycling bills, landscaping and grass-cutting expenses.

They don't escape maintenance costs — or if they are good at it, they have lots of do-it-yourself jobs. Water, especially salt water, is corrosive and boats need nearly constant upkeep.

Before you sell your house and buy a used houseboat, be aware that in the past few years, as living aboard has grown more popular, increasing numbers of marinas are turning away live-aboards. And some jurisdictions are even outlawing the practice because residents don't pay school or property taxes and contribute to polluting the waterways.

The outlay
Some people live on very small boats, but Ian Morton says he can't imagine living on one that is less than 40 feet. A 30-year-old, 40-foot houseboat may sell for as little as $8,000 to $10,000, but the maintenance to make or keep the vessel seaworthy can be daunting and costly. In any case, Morton suggests avoiding boats that are more than 25 years old because they are hard to finance and insure.

Boat loans are similar to RV loans -- at least a point higher than mortgage loans for homes, nearly always requiring 20% down and limited to terms of 10 or 15 years. If you buy a $50,000 houseboat and finance $40,000 of the price over 15 years, expect to pay about $370 per month, assuming a 7.5% interest rate. As long as the boat has a galley and a head, the interest is tax-deductible, just as with a mortgage.

While there are certainly plenty of houseboats in inlets and bays near the ocean, inland lakes are prime houseboat territory. Renting a slip in an agreeable area that permits people to live aboard year-round costs anywhere from $300 a month for a no-frills slip on a lake to as much as $1,500 a month in a marina with ocean access. The charges are usually figured on the length of the boat, with $12 per foot per month a typical charge. Unmetered electricity, including an air-conditioner, can run as much as $50 per month. And if more than two people live aboard, generally there will be a $25 or $30 charge for each.

Water is usually included, but sewage pump-out will be extra. The Environmental Protection Agency estimates the annual cost of weekly pump-outs for a boat on which people live aboard to be $550.

Other costs include insurance and, if the boat is older than 10 years, an initial survey of its condition. Prices for the survey and the insurance are based on the value and size of the boat, but a ballpark estimate of insurance on a 30-year-old houseboat worth $50,000. Survey finds that the boat has some minor cracking and softness, chances are the insurer will offer little more than liability insurance. As with auto insurance, carrying liability is most important. While you might not care if your boat sinks or goes up in flames, people onboard or nearby boat owners will certainly look to you for compensation if an incident injures them or damages their property. You also need fuel-spill liability in case your tank leaks.

That is a great article. it sounds like more and more people are getting fed up with the rising cost of having "a piece of land' that still isn't yours. If you don't think that is correct, don't pay property tax for a while and see what happens.

GREAT ARTICLE MILLISSA! ALOT OF INFO THERE THAT CHRIS AND I HAD QUESTIONS ABOUT. THANKS!

I know a few of you are thinking of moving aboard boat or Rv..So I hope it does answer a few questions.

As for us, expenses of living aboard include:

Slip rent: on the St Johns runs an average of $6.00 a foot (most marinas have a 25' minimum charge)

Meter Electric: ours averages $50.00 a month and includes water

Pump outs: $5.00 typically 1-2 times a month

Storage: for Dingy/daytimer boats and additional vehicle $10.00 week

Maintenance: on average about $100. month for our 1973 Hatt

Other expenses: WiFi (Free at our marina), Cable and telephone at your regular home rate,

laundry (our marina has free laundry facility)

The Best Part if your broke you anchor out and dont pay anyone anything......of course you need fuel to run the generators.

As for finding a good marina.....Most have a 1 year or longer waiting list so start looking in advance and get your name on a list. Visit the marina and make sure you are comfortable with leaving your boat there. Some marinas have security others dont. Also look to see if there are abandoned boats in the marina, if so look elsewhere. Some marinas have resturants or bars attached to them, if the dock is accessable to those customers you may have unwanted guest boarding your boat when you arent there.

You should also look around and see if there is a build up of bugs on the boats at the marina, some places have pesty blind mosquitos that can really make keeping your boat clean a problem.

Happily living aboard on the St Johns

MILLISSA,

I  U ALREADY! CAN I JUST COME LIVE WITH YOU UNTIL WE ARE READY TO MAKE OUR MOVE? WAIT...LIFE INS. ON TERRY FIRST BECAUSE I'LL KILL HIM...OR VICE VERSA! I'LL PAY THE MONTHLY PREMIUM! LOL!

REALLY THOUGH, LOVE TALKING TO YOU ABOUT ALL THIS STUFF BECAUSE YOU DO OFFER ALOT OF NEEDED INFO THAT YOU JUST CAN'T GET UNLESS YOU'VE "LIVED" IT! THANKS SO MUCH!

TERRY... I DO LIKE YA...A LITTLE BIT! 

Oh NO Teena, dont let him think you like him even just a little....

I agree with the life insurance I need to get plenty on him, REAL SOON

We are VERY close to living "aboard" our RV, and have been going through thinking about ALL of the stuff you listed.  Even with the expenses you listed, it is still ALOT cheaper than the "Sticks and Bricks" way of life!!!!

Jennifer

you are right, on a boat or an rv.....its the same we arent tied down to one spot and arent paying property taxes...