What Is the Turnkey Home?

After sufficient time on the real estate market in search for your dream home, you may stumble across a jewel called a “turnkey” home. This term refers to a property that won’t cost you a dime in preparations, repairs or improvements before you can move in.

No cleaning, painting, retouching or dusting, all you have to do is grab your gear and make yourself at home. As you can imagine a home like this has several important advantages, but there are also some important considerations for this treasure.

Following is an overview of the “turnkey” home and what you need to know before selecting their advantageous option.

Benefits of the Turnkey Home

When buying a home, there are two types of home buyer: the first is the handy type who doesn’t mind some fixing up if they can get a bargain deal. Then there is the type who shudders at paint brushes, putty knives and even changing a light bulb.

This second type of home buyer would be most interested in the turnkey home. Other home buyers who have found this type of housing option ideal are those who have young children as well as business executives looking for a home that will allow them to spend more time with their professional or personal pursuits rather than making regular trips to the local hardware and supplies outlet.

Turnkey home options are also a great idea for those real estate investors who want to buy a home that they can rent out immediately. The ready-to-use option beats the need to focus on curb appeal and other aspects that will make the property more desirable before it can be used.

Then there are companies that will offer turnkey properties to investors with the added bonus of property management. The particulars of managing upkeep, finding good tenants and collecting rents require plenty of practice and experience to do right. These services can be handled by the company for a price. This a great option for those with cash who want to be a landlord and collect paychecks without all the hassles involved.

Then there are some downsides to the Turnkey home. 
The convenience of a ready-to-use turnkey home is not without additional prices. In the end, home buyers purchasing a convenient turnkey option could spend the same for having a new home built from the foundation up.

In many areas across the nation, home buyers could spend anywhere between 5 percent and 25 percent more for a turnkey home than they would for a home of the same size and basic value in the same neighborhood. Albeit that home may need a splash of paint or some new light fixtures.

Finally, those home buyers with a knack for improvements and control over the final design and plan of the home may feel the turnkey solution takes all the fun out of owning their own home.

Final Notes on Buying a Turnkey Home
The term “turnkey” has been stretched to some unbelievable degrees. Generally speaking, if a home is listed as “turnkey”, it should be freshly rehabbed, perfectly clean and in excellent conditions. The fact, most “turnkey” homes look clean and inviting, but can hold some out-of-date surprises that only appear on closer inspection.

If you are thinking of purchasing a turnkey property, be sure to ask for a full listing of all the recent repairs, replacements and additions that earn the turnkey title. Then take a visit and verify for yourself the extent of work that has been done.

In the end, turnkey homes may sound like a dream come true, and you will find such options with the help of Real Estate Virtual Tours. But just like any other real estate acquisition, it would be wise to assume the worst.