For the average American, the stakes are usually quite high for any real estate investment. Your future financial condition is determined by how a real estate investment pans out. Hence, before making an investment in real estate, one should know all his options.
If you are looking to purchase a house either for living yourself or for renting it out, you might have come across the term ‘turnkey home’ during your research. What is a turnkey home?
Let us explain to you the features of a turnkey home in layman’s term.
Turnkey Home Simplified
- Turnkey homes are also called move-in ready homes. As the name depicts, these homes are in such a condition that they are ready to be inhabited. They are fully furnished and are equipped with all amenities of life.For e.g. home utilities like electricity and plumbing are in perfect condition. Lights, carpets, blinds and floor coverings, etc are a part of the turnkey home package.
Turnkey homes can be occupied on short notice and do not require any repair or remodeling work.
Is Purchasing Turnkey Home a Good Investment?
The answer to this question depends on multiple factors such as the buyer’s budget, timeline, and aptitude for home remodeling and construction. Generally, turnkey homes can be good investments for the following people:
- If you are a real estate manager, you can make profit through turnkey homes. Managers who deal in turnkey properties, often purchase properties in bulk. They make them inhabitable i.e. remodel and renovate them. After the homes have been made habitable, managers sell them to private investors. Investors rent out or sell these turnkey homes at a premium.
Hence if you are someone with a knack for real estate business, dealing in turnkey homes can be a good investment option for you.
- As an average American, turnkey homes are ideal for the following types of buyers:
- Those who face the constraint of time. Turnkey homes are a readymade solution if you do not have the time to construct a home or remodel an existing one.
- Those who do not have a deep understanding of real estate and construction businesses. Both these fields are taken care of in a turnkey home and little effort is required of the buyer. The buyer is saved from the hassle of managing construction activities. No maintenance is required which saves time and energy.
- If you are a first-time buyer and are on a strict budget. In the overall sense, turnkey homes cost lesser than a fixer-upper or a design and build house. There are no hidden costs for a turnkey home. You determine your budget and communicate it to the dealer. He is responsible for finding you a home in the predetermined budget.
Design and build homes can go over budget. There are hidden costs like fluctuations in the cost of construction material. According to a survey, 48% Millenials prefer buying a turnkey home which requires no maintenance and does not have hidden costs.
If you are looking for a turnkey home in North Carolina, contact Turnkey Military. They can be your trusted partners for dealing in turnkey homes and properties.