Floating homes offer a one-of-a-kind real estate experience. Unlike traditional homes, the purchase and sale of floating homes involve a unique set of challenges such as limited financing options, specific inspections, and the intricacies of moorages. Therefore, it's essential to work with an agent who has expertise in this niche market. At The Portland Team, we understand the nuances of buying and selling floating homes, ensuring a smooth and successful process.
Embracing a New Lifestyle
Floating home ownership in the Portland area is a vibrant community where everyone seems to be connected in some way. With soaring rents and rising house prices, many people are venturing into Portland's "Next Frontier" to find affordable housing and embrace a more adventurous lifestyle. Retirees want to be closer to their boats, Gen X-ers seek relief from home maintenance, and Millennials crave a daily vacation. Floating homes offer a perfect solution for these diverse lifestyle goals.
A floating home is exactly what it sounds like - a regular home that sits atop a float, usually made of logs or concrete. Whether you rent or own the slip where your home is moored depends on the location. If you own the slip, you'll pay a monthly fee to the Home Owners Association (HOA) for ground upkeep and services. The HOA fees often cover water, sewer, and garbage, simplifying your monthly expenses. However, each moorage has its own set of rules that you'll need to adhere to, regardless of whether you own or rent the slip.
Steps to Owning a Floating Home:
Prepare to buy a floating home
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Have questions about floating homes? Call The Portland Team. We're always available to discuss floating houses and other real estate matters.
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Partner with an experienced floating home realtor. It's crucial to work with professionals who have bought or sold at least five floating homes. Avoid relying on family or friends with no experience in this unique market.
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Secure financing, if necessary. The Portland Team can connect you with lenders who specialize in floating homes. Most lenders require a 20% down payment and offer 15- to 30-year terms.
Look at floating homes, find one, make an offer
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Find your dream home with the help of The Portland Team. Our unparalleled insider knowledge of listed properties and upcoming market options sets us apart from other brokers.
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Negotiate with confidence. We understand the floating home market and the intricacies of repairs. With our expertise in negotiations, we'll guide you smoothly towards owning a floating home.
Evaluate, inspect, and finalize negotiations
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Once we've reached a mutually accepted offer, buyers must complete the remaining process. We'll assist you in navigating the rules, HOA documents, inspections, background checks, and other necessary steps. Each moorage has its own unique requirements to ensure the safety and vetting of residents.
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Based on inspection results, we'll negotiate on your behalf if required.
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Patience is key as we wait for document processing and loan approval. During this time, envision the adventures that await you in your new floating home.
Closing the deal
Finally, the moment has arrived - closing the deal! Bid farewell to your lawnmower and embrace a lifestyle filled with boating, fishing, kayaking, and observing sea lions from your front deck.
Don't hesitate to reach out to us at The Portland Team. We're here to assist you every step of the way. Call John at 503.858.7643. As a licensed broker in Oregon with Premiere Property Group, LLC, we have the expertise and experience to make your floating home dreams a reality.