Understanding Turnkey Homes: A Guide for Buyers

A turnkey home is a move-in ready house or condo that needs no repairs or preparation. The term "turnkey" comes from the idea that you simply unlock the door and begin your residence without delay. 

These properties can be recently renovated or newly constructed, but ideally, they’ll feature new appliances and modern designs. 

In recent years there’s been a trend of folks hoping to buy a turnkey property either as homes for themselves or investment properties that are ready to rent. Either way, the appeal of these homes is that they shouldn’t need repairs or improvements in the short term. 

Homebuyers with an interest in move-in ready properties may not know their benefits and what they offer. That’s why the team at Prevu Real Estate has created a quick guide to prepare you.

Avoid costly repairs

When you purchase a resale home that needs renovating, you won’t always know how extensive the work might be. 

You may have a repair budget in mind, but there’s always a chance that upgrades might be more expensive than predicted. In the end, you risk spending time and money on unexpected problems. 

For example, if you buy a fixer-upper with hopes of eventually repairing a plumbing issue, the pipes could fail before you can address the problem. Leaky pipes can then ruin drywall, hardwood floor, and subflooring. A case like this could multiply the cost of repairs beyond your original bottom line price. 

Purchasing a turnkey property can help avoid such problems. Though it may seem more expensive at first glance than a fixer-upper, knowing what you’re getting can help you save thousands in the long run. With a move-in ready home, you’re also purchasing peace of mind, whether it’s your home or an investment property.

Upgraded amenities 

Other benefits of new homes are fresh designs and better amenities, whether they’re newly constructed or renovated. 

In some cases, you’ll even have the opportunity to work with a tract developer to choose from one of their floorplans. Buying directly from a developer can allow you some options to customize, similar to personalizing a new car. 

Though you may have fewer customization options compared to building a custom home, you’ll still have more control than buying a renovated one.

For instance, you can request higher quality wooden floors due to their longer lifespan, or to upgrade the style and quality of bathroom tiles, improving the aesthetic and increasing the bathroom’s durability. 

When it comes to remodeled properties, the renovator can observe high-traffic areas in the home and rework them accordingly. 

As you’re touring homes in your area, look for quartz, granite, or other countertops that will hold up well and increase your home’s value if you choose to sell. 

Additional lighting, improved cabinets for more spacious storage, and improved outdoor areas are other telltale signs of a quality developer. 

Better appliances

Like the amenities in your recently renovated or constructed home, you should be on the lookout for upgraded appliances as you consider potential properties. 

When you buy a home with a top-of-the-line washer, dryer, oven, and refrigerator, you improve your quality of life and help avert the need for replacements in the near future. 

Each developer and real estate investor is different, so you’ll need to have a conversation with them to see what they offer and what work they’ve done. You might also want to work with a buyer’s agent who is experienced in new home real estate listings.

An experienced agent will know the details of both renovated and newly constructed real estate markets. If you’re working with a developer to buy a newly built home, your agent can help with technical language, selection of materials, and the pros and cons of a potential deal. 

On the other hand, if you’re searching for fully renovated homes, an experienced real estate agent will know a suitable property when they see it. They will advocate for you to ensure the house has the proper repairs to truly qualify as move-in ready. Plus, they will encourage you to get an inspection to make sure the renovations were done to local codes and standards.

Internal systems

If you’re buying a new build, the systems are guaranteed to be brand new. With renovated homes, you should do your due diligence to determine which systems were replaced. 

Some folks enjoy the charm of an older home, but there’s a possibility you could purchase a beautiful home with outdated electrical, plumbing, or HVAC systems.

Before you invest in a renovated property, you should be certain that the A/C unit, electrical wiring, plumbing, and other systems are up to date. 

Construction technology improves each year, so buying a home with state-of-the-art building materials means you will be less likely to worry about repairs or renovations any time soon. 

Plus, a home built with better materials will be more efficient and attractive to investors when selling in the future. For example, high-quality insulation and windows help your home retain heat in the winter and cool air in the summer. These advanced technologies can save you money and improve your quality of life. 

 

Interested in buying a new home? Browse listings and see how much you can save with Prevu’s Smart Buyer Rebate.