FAQs for the
Risk Adverse Analyst
Construction Differences: Construction can be an be concrete block or frame, and most homes have stucco exteriors. For the most part, homes are built on a slab and do not include basements. The construction method typically does not affect insurance costs or appraisal values as both are considered safe and comparable. However, age of roof, windows, garage door, age of home, and repair values can affect both value and insurance rates.
Contract requirements and repairs: Homes in Brevard County are typically sold using an “As-Is” contract with the right of an inspection embedded in the contract. The Buyer is welcomed and encouraged to get any and all inspections they want (at their cost), and can cancel the contract within the inspection period. The Seller is not obligated to make any repairs. The Buyer can request repairs and the parties can negotiate any repairs to be made before closing during the inspection period. After that the Buyer is held to the contract and expected to close or risk both their deposit and exposure to a possible breach of contract dispute. (this is not legal advice). Having said all of this, repairs related to safety are often negotiated successfully. Requests for compensation because you don’t like the floors are not.
Types of Inspections: Inspections in Brevard county are conducted by a licensed home inspector. It’s the Buyer’s right to choose whomever they like as long as they have the appropriate license and are insured. You are also welcomed to get licensed plumbers, septic companies, electricians, etc if you have a specific concern. For liability reasons, Buyer’s are not permitted to go on the roof/attic or to damage the home in any way, even if you are licensed in another state. Inspections are always recommended as its your one and only opportunity to make sure you accept the condition of the home prior to purchasing it. Sellers are obligated to maintain the home in its current condition until closing.
Costs associated with Buying a home in Brevard County: Buyers should expect to pay for the following costs. All costs are estimates as of Sept 2025 and you should ask your realtor and Lender for more timely estimates. Earnest Money Deposit: This is not actually a cost as it goes towards your closing costs, but most deposits are 1% - 3% of the purchase price for financed purchases and 5% - 10% for cash purchases. Must be paid within 3 days of all parties executing the contract. General whole-house Inspection: $500 - $2000 depending on the size of the home. Any other inspections such as WDO (pest and wood destroying organisms), plumbing, septic, electrical, etc. are priced independently. The Buyer chooses the inspector(s). Appraisal: This is a lender requirement and lender cost. They choose the appraiser and will charge you. We see prices anywhere from $500 - $3000 depending on the property and complexity. Your lender can give you a more precise estimate. Homes purchase with cash can order their own appraisal or waive this. Survey: This is a lender requirement. Surveys are always priced base on the size of the property and size of the home. Costs can range from $375 to $4000. The Buyer can shop around for the best price, but we find that the closing companies (the title insurance company), can typically get the best response times and the best prices. Homes purchase with cash can order or waive this. Down payments: Like the deposit, the down payment for the loan is not a “cost” per se, but is cash that the Buyer needs to have ready to get a loan. Down payments can be anywhere from 3% to 20%. A big misperception from Buyer is that loans are the same everywhere and that there are about 3 types (conventional, VA, FHA). What’s more accurate is that every lending institution follows some basic guidance so they can sell the loan as soon as you close but also can offer different loan products with different terms to compete for your business. Once example might be that a bank offers 3% down, but does not charge you PMI (mortgage insurance), which is a huge financial perk for the Buyer. There are many, many types of perks that we can educate you on so you know what to ask your lender. Lender closing costs: The large majority of closing costs are charged by the lender. These do not include your downpayment for the loan. Buyers should expect to pay another 2%-3% of the purchase price for these closing costs and your lender should be able to outline what these costs are.