Selling a Turnkey Property

Benefits of Selling a Turnkey Property

When we talk about turnkey, we mean something that is ready to be used immediately. So a turnkey home is one that quite literally is ready for occupancy, and all the new owner needs to do is turn the key, open the door and move in.

In the building industry, a turnkey property is generally one that has been developed by a contractor (or developer), with everything completed. Buyers are not invited to bid or buy before the house is built, and there are no final completion options like paint color, floor coverings, kitchen cupboards and cabinets, or bathroom fixtures and fittings. What you see is what you get; and it’s all there.  

The same principle applies to a renovation, and to the development of a property for rental. 

But what are the benefits of selling a turnkey property? And if you are selling a property, does turnkey make good business sense?

Here are five benefits of selling a property that is turnkey, including ways that the buyer will profit:

1. More and more people are buying investment properties that they rent out. For them, buying a turnkey property will usually make perfect business sense, because they don’t have to spend any time fixing, cleaning or renovating. Their tenant can move straight in. 
2. People buying properties for investment don’t always buy in the same area or even the same state in which they live. For them a turnkey property is the best choice. 
3. Although not true for those seeking a “renovator’s dream”, generally if you’re selling a property realtors report that a turnkey property will sell more quickly because it doesn’t need any work. And because those in the industry know that good deals move quickly, buyers realize they have to be on the ball and buy quick. 
4. Building a house (or rather having one built) takes time out of your day, even if you aren’t doing any of the work yourself, and you have a project manager on site. While there are some people who will leave everything up to the contractor and project manager, most will want to see how the house is progressing, and have a hand in making decisions. For those who don’t have spare time, a turnkey property will usually make perfect business sense. 
5. Many buyers are wary of buying houses that are not complete (and turnkey) because of the danger of contractors running out of money and either cutting corners or simply not making completion. 

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