The Hidden Costs of Float Home Living: What to Budget For

Owning a floating home is an incredible lifestyle choice, offering stunning waterfront views and a close-knit community. But just like any unique form of homeownership, it comes with costs that new buyers might not expect. While floating homes are often more affordable than traditional waterfront properties, there are still key expenses to consider.

Before making the leap to life on the water, here’s what to budget for beyond the purchase price.

1. Monthly Moorage Fees

Unlike a house on land, floating homes don’t own the ground beneath them—they rent their slip in a marina. This means paying a moorage fee, which covers:

✅ The space your home occupies

✅ Access to dock utilities (power, water, waste removal)

✅ Marina maintenance and amenities

💰 Estimated Cost: In Toronto, monthly moorage fees typically range from $700 to $1,500+, depending on the marina and services provided.

2. Utilities: Water, Electricity & Pump-Out Services

While traditional homes have standard utility hookups, floating homes rely on marina infrastructure. Some key utility costs include:

Water & Electricity: Many marinas provide hookups, but usage costs can fluctuate with the seasons.
Pump-Out Services: Since floating homes aren’t connected to city sewage systems, wastewater must be pumped out regularly. Some marinas include this in moorage fees, while others charge per service.

💰 Estimated Cost: $100–$300/month, depending on usage and marina policies.

3. Winterizing & Seasonal Maintenance

Toronto winters can be tough on floating homes, and preparing for the cold season is essential. Homeowners may need to budget for:

Insulating water lines to prevent freezing.
Heating costs, which can be higher than in a traditional home due to exposure to cold winds.
De-icing equipment to prevent ice buildup around the home.

💰 Estimated Cost: $500–$1,500 per winter, depending on the home’s insulation and heating system.

4. Float and Hull Maintenance

Unlike a traditional foundation, a floating home relies on buoyancy. Over time, the floats (or hull) need inspections and possible repairs. Some homes have concrete bases, while others use steel or wood, each with different maintenance needs.

💰 Estimated Cost:

Annual inspections: $200–$500
Major float repairs: $5,000–$20,000 (needed every 10–20 years)

5. Home Insurance (It’s Different from Traditional Home Insurance!)

Floating home insurance is a specialized policy that covers risks unique to water-based living, such as damage from storms or float-related issues. Because it's not standard homeowner's insurance, rates can vary based on location, home type, and marina requirements.

💰 Estimated Cost: $1,500–$4,000 per year, depending on coverage.

6. Boat or Dinghy Costs (Optional but Helpful!)

Many floating home owners invest in a small boat or dinghy for added convenience and fun. While not essential, it can be useful for quick trips around the marina or even as an

emergency transport option.

💰 Estimated Cost:

Used dinghy: $500+
New small boat: $5,000–$15,000+

Final Thoughts

While floating home living can be a cost-effective alternative to city real estate, it’s important to be aware of the ongoing expenses. Understanding these hidden costs helps buyers budget properly and avoid surprises.

Thinking about making the move to a floating home? Let us know!