Malabar · Buying
Buying a condo in Malabar
Your days to review the association papers, the building inspections and reserves, in plain words.
Free · Agents who know Malabar · Every step in one app
Malabar is a small town between Palm Bay and the Indian River, known for larger lots.
Buying a condo in Florida can feel more complicated than it used to. You may have heard about new building inspection laws, big special assessments, and fees going up. If you are worried about buying into a building with hidden problems, that worry makes sense.
What this means in Malabar
- The typical home here is worth about $451,100. With 10% down, that is a loan of about $406,000; owners here typically spend about $2,316 a month on housing costs (Census), which gives you a real local starting point for your budget.
- To look up a home's flood zone in Malabar, use Town of Malabar FEMA Flood Maps link. A home's flood zone decides whether a lender requires flood insurance.
- Malabar's site points septic owners to Brevard County's Save Our Indian River Lagoon grants: homes inside the plan area can get at least $6,000 to upgrade a septic system, but you must be approved before any work starts.
What’s different for you
- Review the condo papers in 7 days. You can cancel within 7 days, not counting weekends and holidays, after signing and getting the papers.
- Check inspections and reserves. Buildings 3+ stories need milestone inspections and a reserve study; read the summaries.
- Ask about special assessments. Big repairs can mean extra payments.
- Apply for association approval. Some buildings must approve new owners first.
When you start in CloseHive from this page, your plan already includes these steps, along with the usual ones for buying in Malabar. You always see what to do next, and your agent handles the how.
Malabar in numbers
- The typical home here is valued at about $451,100, which is 33% higher than Brevard County as a whole ($339,600).
- The typical home here was built around 1993, about 33 years ago. Ask about the roof's age early, because Florida insurers look at it closely.
- 99% of homes are lived in by their owners, more than the county's 77%. Homes here change hands less often, so good ones can go quickly.
- So few homes in Malabar are rented that the Census can't report a typical rent here. Nearly every home is lived in by its owner, so listings come up less often than in bigger cities.
A typical Malabar home costs about 3.5 times the typical household income here ($128,698 a year), compared with 4.3 times across Brevard. With 10% down, the loan on a $450,000 home would be $405,000, and Florida's mortgage taxes at closing would be about $2,228.
Questions people ask
What is a milestone inspection?
A safety inspection Florida requires for condo buildings 3 or more stories tall by their 30th year (25th in some areas), then every 10 years.