The Value of a Turnkey Home
As you rummage through oodles of real estate listings, you’re bound to come across the expression “turnkey,” a few times. You might see it online or hear it from a buyer’s agent when describing the home. In theory, turnkey means that you should be able to just “turn the key” and move right in. In practice though, it’s not quite so simple.
Unfortunately, not everyone has the same definition for turnkey.
Since not all home buyers have the same expectations, it’s impossible to put an exact definition on the term “turnkey”. At its most basic level, it refers to a place that is ready for you to move in, with no need to make big repairs or improvements. However, the idea is subjective, so it doesn’t hurt to ask what it means in regard to a specific listing or home.
In a perfect world turnkey would mean that everything is new, rehabbed, or in otherwise excellent condition. The reality, however, can be a house that is by and large clean, but still needs substantial updating.
Most of today’s buyers want a home that is move-in ready, or requires minimal work after the purchase. For some buyers, that means the basics like layout and function. For others it includes paint, carpet, and finishes.
One of the best features of buying a turnkey home is the amount of time saved. Having a home ready and waiting for your family to move in seems ideal. Plus, you don’t have to worry about making repairs or replacing expensive elements before living comfortably in your new home.
Nevertheless, when it comes to buying a turnkey home, it won’t come cheap. Sellers can roll the renovation or repair costs into the purchase price of the home, and it can be more expensive in a seller’s market and high value areas.
Buyer’s also have less control over the appearance, layout and style of a turnkey home since everything has already been finished. If you’re looking to put your own mark on your new home, buying a turnkey home might not be as fulfilling.
Additionally, despite assurances that a property is move-in ready, you still want to have an inspector check out the home. Paint, carpet and finishes may look great but it’s best to make sure the jobs were well done. Not to mention plumbing and/or electric work sometimes can have aspects that only a paid inspector would notice. Keep in mind, it’s ok to ask for a list of items that have been repaired or replaced too.
Bottom line, if you come across a turnkey listing, be sure you work with your Realtor and inspector to find out exactly what’s included and if any repairs are still needed.
The experts at The Platinum Group Realtors can help buyer’s and sellers successfully navigate the current market and how it affects your neighborhood and your individual situation.
As the number one independent real estate firm in Colorado Springs, The Platinum Group, Realtors combines top Realtors with the best tools and resources to provide home buyers with platinum service and platinum results.
With over 80 percent of their business coming from referrals, The Platinum Group, Realtors deliver top quality customer service the utmost honesty, integrity and attention.
For a no-obligation consultation, call today: (719) 536-4478 or visit PlatinumHomesSales.com.