Merritt Island · Buying
Buying a condo in Merritt Island
Your days to review the association papers, the building inspections and reserves, in plain words.
Free · Agents who know Merritt Island · Every step in one app
Merritt Island sits between the Indian River and the Banana River. It is a community, not a city, so county rules apply.
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 Merritt Island
- The typical home here is worth about $402,900. With 10% down, that is a loan of about $362,600; owners here typically spend about $2,070 a month on housing costs (Census), which gives you a real local starting point for your budget.
- About 59% of homes in Merritt Island were built before 1980. Older Florida homes often need a 4-point inspection (roof, electrical, plumbing, heating and cooling) before an insurer will cover them, so ask for one early, before your inspection window closes.
- To look up a home's flood zone in Merritt Island, use Brevard County Floodplain Administration (Flood Zone Information). A home's flood zone decides whether a lender requires flood insurance.
- The Brevard County Clerk has an office on Merritt Island at the Merritt Island Service Complex, 2575 North Courtenay Parkway, Room 129 (closed 11:30 AM to 1:30 PM).
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 Merritt Island. You always see what to do next, and your agent handles the how.
Merritt Island in numbers
- The typical home here is valued at about $402,900, which is 19% higher than Brevard County as a whole ($339,600).
- About 59% of homes were built before 1980. Many insurance companies ask for a 4-point inspection (roof, electrical, plumbing, heating and air) on older homes, so plan for it early.
- 80% of homes are lived in by their owners, close to the county's 77%.
- Owners with a mortgage pay about $2,070 a month in housing costs, $629 more than typical rent ($1,441). Many of those owners bought years ago at lower prices, so today's buyers often pay more.
A typical Merritt Island home costs about 4.3 times the typical household income here ($94,012 a year), compared with 4.3 times across Brevard. With 10% down, the loan on a $405,000 home would be $364,500, and Florida's mortgage taxes at closing would be about $2,005.
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.