Brevard County · Buying
Buying a bigger home in Brevard County
Sell-and-buy timing if you own now, and homes by real monthly cost.
Free · Agents who know Brevard County · Every step in one app
Needing more room usually means life is growing: a new person in the home, work from home, a parent moving in, or simply a home that no longer fits. That is good news. It can still feel like a lot, because a bigger home often means a bigger payment, and if you own now, you may be juggling a sale and a purchase at the same time.
Many people in your spot worry about two things: ending up with two payments, or selling and having nowhere to go. Both worries are fair, and both can be planned for.
This page helps you pick the order that fits you, use what you would keep from your sale wisely, and understand a Florida property tax benefit that can follow you to your next home.
What’s different for you
- Line up your sale. If you own now, choose sell first, buy first or together.
- Search by monthly cost. More space at a monthly cost you’re comfortable with.
- One Moving Day. Both closings planned together.
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
Pick the order: sell first, buy first, or together
Selling first gives you a clear budget and no double payment, but you may need a place to stay in between. Buying first lets you move once, but you may carry two homes for a while. Lining up both closings for the same time is common, but it needs careful dates in both contracts. Your agent and lender can help you choose.
Use what you would keep from your sale
Your equity (what the home is worth minus what you owe and selling costs) can become your down payment. Ask your agent for an estimate of your net from the sale before you shop. That number, plus your pre-approval, sets your real budget.
Search by monthly cost, not just price
A bigger home can bring higher taxes, insurance, HOA fees and utilities. Compare homes by the full monthly cost so the extra space comes at a payment you are comfortable with.
Your property taxes will reset
In Florida, a homestead’s assessed value can only rise by 3% or the change in the Consumer Price Index each year, whichever is less. When a home sells, that limit ends and the new owner starts over at market value. So your new home’s taxes may be much higher than what the seller paid.
Portability can carry part of your tax savings
If you have homestead now, Florida lets you move part of that savings (the difference between your home’s market value and its assessed value) to a new Florida homestead. Up to $500,000 can transfer. You have three years to set up the new homestead, counted from January 1 of the year you leave the old one. You file form DR-501T with the property appraiser by March 1.
How portability works when you upsize
When the new home is worth the same or more, its assessed value is its market value minus your portable amount. The Brevard County Property Appraiser’s example: a $400,000 home assessed at $250,000 gives a $150,000 benefit, so a new $600,000 home would be assessed at $450,000.
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. You generally can’t use the exclusion twice in 2 years. Ask a CPA how it applies to you.
Your options
What to gather
- An estimate of what you would keep from your sale
- A pre-approval that shows how your sale money is counted
- A list of must-haves for the new home
- Monthly cost estimates for the homes you like, with taxes at full value
- 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
- Your purchase papers and improvement receipts for your old home, for your CPA
- A backup place to stay if the dates do not line up
Mistakes to avoid
- Comparing the seller’s tax bill. Your taxes start over at the new home. Use an estimate at full value, minus any portability you qualify for.
- Forgetting portability. It is not automatic. File DR-501T by March 1 for the year you claim homestead on the new home.
- Shopping before knowing your net. Know what you would keep from your sale before you fall for a home.
- No backup plan for the move. If a closing slips, a short rent-back or rental keeps you from being stuck.
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
Can I use my current home’s equity?
Yes, what you’d keep from your sale can become your down payment.
Can I use my current home’s equity?
Yes. What you would keep from your sale can become your down payment.
Should I sell first or buy first?
It depends on your money and how sure you are about each step. Selling first is lower risk on money; buying first is easier on moving. Your agent and lender can walk through both.
What is homestead portability in Florida?
It lets you move part of your homestead tax savings to a new Florida homestead, up to $500,000, if you re-establish homestead in time. You file form DR-501T by March 1.
How long do I have to use portability?
Three years, counted from January 1 of the year you leave your old homestead. The new homestead must be set up by January 1 three years later.
Will my property taxes go up in a bigger home?
Usually, because the new home is assessed at market value, minus any portability. Ask the property appraiser’s office or use their tools to estimate it.
Do I pay tax on the profit from selling my home?
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.
Can I make my offer depend on selling my home?
Yes, some buyers make an offer that depends on their home selling. Sellers may see it as less certain, so ask your agent how it affects your offer.