Very basically, it’s a home in estate realtor’s language that is ready to move into without any adjustment or improvement.
However, what you class as a Turnkey Home will be very different to someone else’s view. For example, you may see a lovely blue-tiled bathroom as perfect but to someone else that would mean a complete and utter revamp waiting to happen. You may love that there’s the fireplace and old-fashioned hearth. To another that would be a big messy problem.
No matter what an estate realtor says and no matter how many times they tell you the house is Turnkey, do a proper check over. We suggest you have a tick list with all your personal must-haves, so when you go through the house you don’t overlook something that is important to you. Like your need for space for a double door fridge/freezer or a shower head that streams down like a rain forest.
Buy Prep Sell
Often a Turnkey Home can refer to more specific cover, such as when a property is primed for a quick turnaround sale. What we mean is that the realtor will handle the process from the buyer purchasing, construction or reinventing (for an existing site, the tenant leasing and then the final sale again. As a buyer, you are purchasing a working income producer. You buy the property and sit back, essentially.
Furnished to Go
Further, a Turnkey Home can mean you are buying a fully furnished home. So, all the main appliances, furniture, decorations and basic amenities are covered. A lock up and go scenario sometimes. Where you perhaps travel most of the year but need a spot to chill in whilst you are in that area. Literally, turn the key and you’re in and comfy.
A couple of pointers to finding that perfect Turnkey Home:
- Make your Must Have List and research properties based on this list only
- Decide on what maximum price you are willing to go up to which covers all your Must Have’s
- Don’t compromise on your Must Have List. If the property is missing one of your tick items, leave it and move on
You may find, even after going through the pointers above, that once you have bought said Turnkey Home, there are one or two D.I.Y. issues. Make sure you have set aside a little cash for this. Anything small can come up. Such as a burst geyser, a burst water pipe, a chipped wall or even a loose tile.
What is A Turnkey Home?
Simply it’s a good investment, which requires planning, researching, and patience. But in the end, if you stick to your guns, you will find that this sort of investing will reap huge rewards down the line. Must-Have List is your key to success here. That and loads of tenacity!