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Brevard County Space Coast: Palm Bay, Melbourne, Titusville area
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Old 04-13-2020, 08:28 PM
 
2 posts, read 1,509 times
Reputation: 10

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Hello Everyone,

My husband and I are from Long Island, NY and are recently retired. We are planning to move to the Merritt Island area, hopefully we will be able to look for a home soon after this pandemic has settled down. We are working on a budget and trying to figure out what we could possibly be looking at for costs such as:

Gas
Electric
Cable
Landscaping
Water
Exterminating? (is this needed)

Assuming we will get a house between 2500sf to 3000sf on .25 acre to .50 acre, canal front or Indian River or Banana River.

We've noticed some areas look like they're in a flood zone but many others are not, just wondering about Homeowner's Insurance cost and what to watch out for when looking for a home.

Finally, trying to figure out how your property taxes work there, but we are very confused with that. We know there will be an exemption for being a resident, but unclear how the assessments are done and what will happen with the taxes if we buy a house that hasn't been sold for the past 20 years.

Any help would be greatly appreciated!
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Old 04-13-2020, 09:22 PM
 
Location: Merritt Island, Fl
1,180 posts, read 1,663,827 times
Reputation: 1006
As a fellow Long Islander, I can to tell you there are differences that you will need to know. Florida is a different animal in many ways than NY. I think you should really get hooked up with a great realtor, (fell free to DM me for a couple), and there some on these sites that are quite knowegable as well.
Cost for utilities can vary depending on the age, condition, construction and even direction or way house is facing. Many variables to consider, but newer well insulated Windows will help greatly in curbing your electric bill as will a newer high efficiency AC system.
Exterminating will likely be recommended in the beginning as bugs are an issue most of the year and at least until you get the house under control, then you can do it yourself.
Most homes on a canal in Merritt Island will require Flood insurance if you plan on financing. That can run between $500-$1,000 a year and I would gladly pay for it. Type of construction and wind midigation scores will greatly effect your regular insurance, so I would stick with a block home vs frame for the highest savings and have proper coverings for all openings or Huricane certified doors, windows and garage doors (every opening is needed to have protection or correct rating).
Property taxes can be a bit confusing. If you move down and buy a house that had been used as a primary property, you have until the he following February or so to file it as your primary and get a better tax basis than if you don't make it your primary. But ultimately, there will be an increase based on the the purchase price. There are several discounts for seniors and veterans as well that can really help.
It's a great area and a place we plan to call home one day if we can ever get out of NY. Feel free to ask away. But get that great local realtor and most of your many questions will be answered.
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Old 04-14-2020, 06:50 AM
 
2 posts, read 1,509 times
Reputation: 10
We have a realtor we've been working with and he has given us some helpful information. You can always learn something new and more info is better.

Thanks for reply
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