Brevard County · Buying
Buying a smaller home in Brevard County
Use what you’d keep from your sale, and a move planned around one Moving Day.
Free · Agents who know Brevard County · Every step in one app
Moving to a smaller home is often a choice made with care. Maybe the house feels too big now, the upkeep is too much, the stairs are getting harder, or you want to free up money for the next chapter. Even when it is the right choice, it can come with real feelings: years of memories, a lifetime of things to sort, and the worry of getting the money part wrong.
Those feelings are normal, and you do not have to rush them. A smaller home can mean lower costs and less work, and the money you keep from your sale can give you more freedom.
This page helps you start with what you would keep from your sale, choose what matters most in the next home, and understand Florida tax rules that can follow you to your new place.
What’s different for you
- Start with what you’d keep. Your sale sets your budget.
- Choose what matters. Fewer stairs, less upkeep, or a shorter drive.
- One Moving Day. Leaving and arriving on the same plan.
When you start in CloseHive from this page, your plan already includes these steps, along with the usual ones for buying in Brevard County. You always see what to do next, and your agent handles the how.
What to know
Start with what you would keep
Your sale sets your budget. Ask your agent for an estimate of your net (what the home sells for, minus what you owe and selling costs). From there you can decide how much goes into the new home and how much you keep in savings.
Choose what matters most
Write down what will make daily life easier: one level, fewer stairs, less yard work, a shorter drive to the people and places you visit, or lower monthly costs. Compare homes on those points, not only on price.
Look at the full monthly cost
A smaller home is not always cheaper each month. Condo and HOA fees, insurance, flood insurance and taxes at the new home’s value all count. Ask for the association’s budget and recent fee history before you choose.
Portability when you downsize
If you have homestead now, Florida lets you move part of your tax savings to a new Florida homestead, up to $500,000, if you set up the new homestead within three years, counted from January 1 of the year you leave the old one. When the new home is worth less, you carry over a share based on the two homes’ values. The Brevard County Property Appraiser’s example: after a $400,000 home assessed at $250,000, a new $275,000 home would be assessed at $171,750. File form DR-501T by March 1.
Taxes on your sale
The IRS lets you exclude up to $250,000 of gain on your main home, or $500,000 for a married couple filing jointly, if you owned and lived in it at least 2 of the last 5 years. A loss on a personal home is not deductible. Ask a CPA how this applies to you before you decide on a price.
An extra exemption for some owners 65 and older
Brevard County and several of its cities offer an added exemption for owners who are 65 by January 1, already have homestead, and whose household income is under a limit set each year by the state. In the cities that offer it, it can be up to $25,000 off city taxes. You apply by March 1 with proof of last year’s income.
HOA and condo papers
Many smaller homes are in an HOA or condo. Florida law gives HOA buyers a disclosure summary before signing, and condo buyers a review period after they get the condo papers. Read the rules, the budget and any planned special assessments.
Your options
What to gather
- An estimate of what you would keep from your sale
- A short list of must-haves for the next home
- The HOA or condo budget, rules and any planned assessments
- Insurance quotes for the homes you like
- Your current Brevard tax notice, to see your homestead savings
- Form DR-501T for portability, filed by March 1 after you buy
- A homestead application for the new home by March 1
- Last year’s tax return or income statements, if you may qualify for the 65 and older exemption
- Purchase papers and improvement receipts for your current home, for your CPA
- A plan for sorting, donating and moving your things
Mistakes to avoid
- Buying before you know your net. Know what you would keep from your sale before you shop.
- Ignoring association fees. A low price with high monthly fees can cost more than you expect. Read the budget first.
- Forgetting to file portability. It is not automatic. File DR-501T by March 1 for the year you claim homestead on the new home.
- Leaving the sorting for the last week. Start early, one room at a time. It makes Moving Day calmer.
Brevard County in numbers
- The typical home in Brevard County is worth about $339,600, and 77% of homes are lived in by their owners.
- Typical rent here is about $1,556 a month, including utilities.
Free help
Questions people ask
Should I pay cash when downsizing?
Some people do; it depends on your money plan, so talk with a financial professional.
Should I pay cash when downsizing?
Some people do; it depends on your money plan. Talk with a financial professional about how much to keep in savings.
Can I keep my Florida homestead savings if I move to a smaller home?
Part of it, through portability. When the new home is worth less, you carry over a share based on the two homes’ values. File DR-501T by March 1.
Will I owe tax on the money from selling my house?
Many sellers don’t, because of the IRS exclusion of up to $250,000 ($500,000 married filing jointly) on a main home lived in 2 of the last 5 years. Ask a CPA.
Is there a property tax break for owners 65 and older in Brevard County?
Yes, for owners with homestead whose household income is under the yearly limit. It applies in the county and in the cities that offer it. Apply with the Brevard County Property Appraiser by March 1.
How do I plan one Moving Day for both homes?
Ask your agent to line up both closings, or ask your buyer for a short rent-back. Have a backup plan if one date moves.
Are condos cheaper to own than houses?
Not always. Association fees, insurance and special assessments can add up. Compare the full monthly cost.