After endlessly searching the MLS for the perfect place, you’ve finally found it: new kitchen, updated bathrooms, shiny new flooring. This is the most common example of a turnkey property. Turnkey properties are properties that are move-in ready, with no damages or oddities that require you to make big repairs or improvements. For a lot of people, it’s the dream. For others, it’s a hefty price tag for a home with little charm. The question is, where do you fall?
Why Buy a Turnkey Home
When it comes to buying houses, there are two types of people: those who want a real bargain and are ready to get down and dirty with elbow grease and those who don’t even want to change a lightbulb. True turnkey properties are good for the latter. You walk in, put your stuff down, and call it a day.
Turnkey properties are usually most popular with executives, families with young children, or investors who don’t want to have to update before renting it out.
Why Not to Buy a Turnkey Home
In this life, nothing is free: including those turnkey property amenities. While you may enjoy having a property that is move-in ready, you’re paying for the updates. And if you enjoy making your new purchase truly yours, you’ll be disappointed to know you won’t have your say in the design, style, or updates.
Typically, turnkey should mean that everything in the house is new, rehabbed, or in excellent condition. Beware though, the property might have gorgeous visual updates, but it’s still going to need substantial undercover updates.
Asking for a list of itemized repairs, pictures, and permits while carefully inspecting the quality of work is always strongly recommended.
What You Need to Know
While a turnkey property might not be what you are looking for if you are a true bargain buyer, if you’re an executive, family with young children, or real estate investor, they can be a great investment. If you’re looking to sell and upgrade to a turnkey property or want to know if you bought a maintenance-free investment, work with a local real estate professional to get your search started today!