Merritt Island is a barrier island and you should be aware that there may be flood insurance required in some areas. The map can be found at the link attached. There is additional hurricane premiums in our area, as with any coastal area, and if you live closer to the water you are going to find that your premium is much higher. You should check with an agent prior to closing on a home. Another thing to consider is that many older houses will need a roof inspection and may need to be updated in order to keep insurance (even the state run insurance). There also may be additional costs associated with updating the electrical system, there are some main panels that are known to cause fires and therefore many insurance carriers will cancel you if you do not change out the panel.
If you are looking in an area with septics, be aware that many of the newer septic systems (aerobic systems) require constant maintenance, a pricy maintenance agreement with a septic contract on an annual basis along with a biannual inspection by the county. These systems also use additional electric because they have a pump that must run 24/7.
These are all things that a good local realtor can help you discover prior to closing.
If I can be of any help please let me know.
Four Star Real Estate
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