>>934583Cons.
These really depend on the boat; big or small, motor or sail, hull design etc.
Boats get more expensive, exponentially, as you go up in length. This includes cost of the boat, maintenance, dock fees, fuel or sails etc.
Most boats don't have as much space as a house (some can see downsizing as a negative).
As I said, the cons really depend on the boat you are looking at, if you want just throw out something you would be looking at to live on and I can get mote specific.
Pros
The best sleep you'll ever get is on the water.
You can travel to some beautiful places .
It can be way cheaper than living on land.
You can take your house with you if you move (cities on the water obviously).
Chicks dig it. No seriously, wanna come back to my sailboat is a great way to get laid.
Your backyard can be massive.
Motorboats are fast, fun, and usually spacious.
Sailboats are relaxing, cheap to travel in, and sexy.
Most of your neighbors will be cool as fuck.
Since you didn't specify what kind of boat I'll list what I deal with on my boat.
I have a 25ft Macgregor. Its a smaller sailboat that I liveaboard. Since it is smaller I don't have a lot of storage, or room for guests. I also don't have much headroom. My head is basically a bucket when I'm out sailing. (I use the marinas restrooms when at the dock). I don't have a great cooking setup, just an electric skillet and coffee pot. My boat has a few leaks from the top deck which can be annoying, and also there isn't much insulation from temperature.
The upside is my boat is small enough I can put it on a trailer and take it accords the country of I need to. I have all the space I need for my self and the occasional one Night stand. I can single hand my boat no problem so I can go sailing whenever I like. I have a small motor that is cheap to work on and barely even uses fuel. Being a small boat my slip fee is only $300 a month which is cheaper than I could ever rent living on the Gulf of Mexico in a house.