Brevard County · Buying
Ready to stop renting in Brevard County
See a home’s real monthly cost next to your rent, then the steps to buy.
Free · Agents who know Brevard County · Every step in one app
Being ready to stop renting is a big feeling. Maybe your rent keeps going up. Maybe you want walls you can paint, a yard of your own, or just to stop handing a check to someone else every month. It is also normal to feel unsure: can I really afford it, and what if I am not ready?
You do not have to guess. The fair way to compare is your rent today next to the full monthly cost of owning a specific home, plus the cash it takes to get in. Once you see those two numbers side by side, the decision gets much clearer.
Below is how to compare renting and owning honestly, how to time a purchase around your lease under Florida law, and the steps from your first question to the keys.
What’s different for you
- Compare with your rent. Each home’s all-in monthly cost next to what you pay now.
- Know what you can afford. An honest estimate in four questions.
- Plan around your lease. Moving Day set around your lease end.
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
Compare the full monthly cost
Your rent is one number. Owning has several: the loan payment, property taxes, homeowners insurance, mortgage insurance if you put down less than 20%, and HOA fees if the home has them. Put the total next to your rent. Also plan for repairs, which a landlord used to cover.
Know the cash you need to get in
Buying takes money up front: a down payment, closing costs, and cash for the inspection and appraisal. FHA loans allow as little as 3.5% down, and some conventional loans as little as 3%. The CFPB suggests keeping an emergency cushion of three to six months of expenses on top of that.
Down payment help exists
Florida Housing Finance Corporation offers down payment help for first-time buyers through participating lenders, with income and price limits and a homebuyer class. Brevard County also runs a Purchase Assistance Program for eligible first-time buyers. You count as a first-time buyer for these programs if you have not owned your main home in the past three years.
Plan around your lease end
The easiest plan is to close a few weeks before your lease ends, so you have time to move. If you need to leave early, read your lease. Florida law allows a lease to offer an early termination fee of up to two months' rent with no more than 60 days' notice, but only if you chose it in a separate addendum when you signed.
Getting your security deposit back
Under Florida law, if your landlord does not plan to keep any of your deposit, it must be returned within 15 days after the lease ends. If the landlord plans to keep some, they must send written notice within 30 days, and you have 15 days after receiving it to object in writing. Give your new address in writing when you move.
Your loan costs come in writing
A lender must give you a Loan Estimate within three business days of your application, showing your rate, payment and closing costs. A Closing Disclosure must arrive at least three business days before closing. Use these to compare lenders and check nothing changed.
Owning lowers your taxes in one Florida way
Once you own and live in the home as your permanent residence, you can apply for the homestead exemption by March 1 with the Brevard County Property Appraiser. It can reduce your home's taxable value by up to $25,000 and limits how much the assessed value can rise each year.
Your options
What to gather
- A copy of your lease, with the end date and any early termination addendum
- Your current rent and renter's insurance cost
- Your last two pay stubs and last two years of W-2s
- Two recent bank statements
- Your free credit reports from AnnualCreditReport.com
- A list of monthly debts
- A target move date a few weeks before your lease ends
- A note of your move-in condition photos, for getting your deposit back
- A homebuyer education class if you plan to use down payment help
Mistakes to avoid
- Comparing rent to the loan payment only. Add taxes, insurance, mortgage insurance and HOA fees to see the real monthly cost.
- Giving notice before you have a closing date. Wait until your purchase is firmly on track before you tell your landlord you are leaving, unless your lease requires earlier notice.
- Spending your whole savings. Keep an emergency cushion. Homeowners pay for their own repairs.
- Forgetting the deposit rules. Give your landlord your new address in writing and answer any deposit claim within 15 days.
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
Is buying cheaper than renting?
Sometimes; the all-in monthly cost (loan, taxes, insurance, HOA) is the fair comparison.
Is it cheaper to buy or rent?
It depends on the home and your loan. Compare your rent with the full monthly cost of owning, including taxes, insurance, mortgage insurance and HOA fees, and remember repairs. Some homes cost less per month than rent; others cost more.
How much money do I need to stop renting and buy?
You need a down payment, closing costs and some cash for inspections, plus an emergency cushion. FHA allows as little as 3.5% down and some conventional loans 3%, and down payment help may cover part of it.
Can I break my lease to buy a house in Florida?
Read your lease first. Florida law allows an early termination fee of up to two months' rent with up to 60 days' notice, but only if you chose that option in a separate addendum. Otherwise, talk with your landlord about timing.
When do I get my security deposit back in Florida?
Within 15 days after the lease ends if the landlord keeps nothing. If they plan to keep some, they must give written notice within 30 days, and you have 15 days to object in writing.
Will my rent history help me get a mortgage?
Ask your lender whether they look at rent history. Having proof of on-time payments ready, like bank records, can help answer questions.
How long does it take to buy a house?
Getting pre-approved can be quick. Once you are under contract, the contract sets dates for inspection, loan approval and closing. Plan backward from your lease end.
Do I need to be a first-time buyer for down payment help?
Many programs require it. Florida Housing and Brevard County count you as first-time if you have not owned your main home in the past three years.