What are Turnkey homes?
I know you might have asked yourself this same question “What are Turnkey homes?” over and over again, let us quickly consider the meaning of a turnkey home for first time home buyers or investors.
A turnkey home is an excellent option on its face as it does not require any work. You pay and you get everything you need to start living in it or rent it out immediately. However, you have to understand the feature set of the house before you can invest in it because it allows you to determine whether the premium you are paying is really worth its price.
While sifting through a real estate listing, you must have come across a turnkey home and must have wondered “What Are Turnkey Homes”. At its most basic level, it refers to a place that is ready to move in or buy and rent out. You don’t need to make any improvements or repairs on the property. In simple words, it requires no painting, construction, or renovating.
Now you don’t have to ask What Are Turnkey Homes, let us move to the benefits of buying a Turnkey Home.
Benefits of Buying a Turnkey Home
- When it comes to buying homes, there are usually two kinds of people – people who don’t mind investing in repairs and improvements (while getting a bargain on sale price) and those who can’t stand living in a home that requires work.
This is why these properties are most popular with families who have young children, or families who rather spend most of their time building their career, their family, or a hobby rather than wasting time on back and forth home depot runs.
- Turnkeys are also very attractive properties for investors who don’t want to spend time fixing on a home before they can rent it out. Since these homes are ready to move in or rent out, all investors have to do is find a tenant and start making money (which is better than flipping homes).
Even better is the fact that many turnkey home companies manage the property for you. They not only find tenants for you but also manage the rent and upkeep. Their services come at a price but it is worth it if you don’t have the time to manage things on your own.
What to Look Out for
- The term turnkey means that everything in the house should be new or in excellent condition with no signs of wear and tear. A lot of companies dealing in these properties sometimes sell homes that are generally clean but require a lot of updating.
So, you should take extra caution when looking for such homes, especially the ones that are being flipped. Make sure to ask for a list of things that have been repaired or replaced in the property and make sure to visit it personally to inspect what work has been done and how good has been done.
- You have to be careful because sometimes the investor may try to trick you. For instance, if a kitchen of a home requires new cabinets, an investor may choose to paint them instead of replacing them. They may also change old tile counter tops with other materials like granite.
The work usually looks good initially but the home may start to show signs of wear and tear soon after you have moved in or rented out the property.
Buy Turnkey Homes From An Experienced Team
- Ready to buy a turnkey home? At Turnkey Military, we offer complete turnkey residential single-family properties for foreign and local estate investors. We are always on the ground in the markets that we service. We provide management, construction, marketing and more to ensure that our clients are fully satisfied with the investment they make.
We have bought and sold 100’s of turnkey homes in military markets and we have the right experience to help you reach your goals. If you are looking for the right team to work with, get in touch with us today or view our turnkey home listings to get started.