I just closed on a commercial property. In this instance, it was a church and an abutting parsonage on 3.85 acres on busy Lithia Pinecrest Road in Lithia, Florida. It was on the market for only 20 days and it took over three months to close with conventional financing. Whereas, a typical residential home can close in under two months with financing (conventional, VA or FHA). These scenarios assume an improved property. Vacant properties purchased to build a build-to-suit building require longer due diligent periods due primarily to get site plan approval, which includes a site plan with the building overlay upon it to ensure that it meets zoning set backs. Other costs could include permits form local municipalities and SWFMD.
Commercial property transactions assume an educated buyer. However, they do have more questions from the listing agent (i.e. zoning changes, longer inspection periods, property history, etc.). . Most commercial buyers have their own inspectors/contractors and rely on in house inspectors/contractors. Whereas, a buyer’s agent in a residential transaction has to provide a lot more expertise like advising to get a home inspection, home warranty, etc. With a typical cost between $400 and $600 a home warranty can give a buyer the piece of mind to go forward with the purchase of a home.
If you are interested in buying real estate (new home or commercial property), please contact me (Alan Lane with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida 33511) and I can help you find a new home in the Tampa Bay Area. As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota. The Keller Williams offices of ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico. My email address is firstname.lastname@example.org, or call me at 813.205.9280. If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link.