Listing Courtesy of BENDLER REALTY CORP.
By virtue of their purchasing experience, homeowners have necessarily become familiar with the basics of real estate. A Delaware homeowner may not consider her- or himself an expert in the matter, but history does allow them all to share a degree of confidence in real estate markets and the factors that are important when it’s time to make a buy or sell decision.
Real estate is real estate, after all — whether it’s here in Delaware or anywhere else, right? Not exactly. Commercial real estate is a horse of a different feather!
If you are thinking about buying commercially for the first time, understanding not only that there are differences from the residential market, but how those influence the other buyers and sellers (they make up the ‘market,’ after all) will be good preparation when the time arrives to put together a solid offer.
From a purely ease-of process perspective, buying a piece of commercial real estate in Delaware is substantially more involved than buying a typical residential property. Though not always so, there are more opportunities for extra complications: lien and title issues, rules about hazardous materials, and zoning considerations are just some.
The language used in real estate documents for commercial properties can be complicated and obscure, so of course it’s especially useful to coordinate with an experienced Sussex County commercial real estate agent.
Due to lending costs, a commercial property that is the same size as a residential one will usually be more expensive. You can still buy residential homes in the 3.5% range via an FHA loan, but banks are often (rightfully!) stringent about lending on commercial real estate purchases. Expect stricter qualifications and more money down. That’s due to the risk of doing business: the potential to make money with a commercial property is greater than with a residential property — but the risks associated with owning it are also higher. Needless to say, it’s valuable to keep those risks in mind when evaluating any commercial real estate purchase.
If you are business-minded and thinking about the advantages of owning instead of leasing, give me a call! I’ll be standing by to discuss some standout opportunities, call/text 302-228-7871 or email me, Russell Stucki, REALTOR® of Beach Real Estate Market to provide detailed information on Delaware homes for sale, investment and commercial properties, luxury and waterfront homes, condos/townhomes, new construction, lots and land, farms and equestrian properties located in but not limited to Bethany, Bethel, Bridgeville, Dagsboro, Delmar, Ellendale, Fenwick Island, Frankford, Georgetown, Greenwood, Harbeson, Laurel, Lewes, Lincoln, Milford, Millsboro, Millville, Milton, Ocean View, Rehoboth Beach, Seaford, Selbyville, Delaware.