Is A Turnkey Property Right For You?

11 April 2017
 Categories: Real Estate, Blog

During your search for a new home, you will undoubtedly come across a home that is listed as turnkey ready. A turnkey ready home means that there are no repairs needed to the home and you could move into it without having to make improvements. Turnkey homes can be a good deal but only if you proceed carefully in the assessment of the home and the purchase. If you are thinking of buying a turnkey home, here is what you need to know.  

Why Should You Buy a Turnkey Home?

The most obvious reason for buying a turnkey home is that you do not have to worry about making repairs. After close, you and your family can move in immediately and start enjoying the home. If you were wary of moving into a fixer upper, this could be the perfect solution.  

Another benefit of a turnkey home is that it is often designed with neutral colors. As a result, you will not have to worry about your furnishings clashing with the home. You also have the added benefit of having a design that will outlast housing fads.  

Since the home is already prepared to move into, you do not have to spend money and time working on it. Instead of spending your weekends at your local home improvement store, you can use that time to enjoy other activities.  

There is a drawback to turnkey homes though. The price of the home is typically higher than that of other homes. Fortunately, you can ensure you are paying a reasonable price for the home by having your real estate agent check comparables in the area and making an offer based on those numbers.  

What Should You Avoid in a Turnkey Home?

Not all turnkey homes are created equal, and if you fail to do your research when considering a home, you could end up regretting your decision. There are some red flags that you can look for that will help you determine whether or not the home you are considering is right for you.  

The idea behind a turnkey home is that all of the updates have been completed. Ask the seller for a list of improvements that he or she made. If the seller is unwilling to provide a list, there is a possibility that the home is not what he or she says it is.  

You should also be wary if the seller is reluctant to offer a guarantee for the home. A guarantee, such as no repairs will be necessary for a year, helps to protect you. Talk to your real estate agent for more information.