What Does Turnkey Mean?

Turn-key properties are homes that are move-in ready, meaning appliances are in working condition and there are no obvious structural or electrical issues with the home. Unlike fixer-uppers, there isn’t a need for renovations and updates before the home is livable. Much of the time, move-in ready homes don’t even require a fresh coat of paint, making them ideal for homebuyers that need to move in on a truncated timeline.

What Does Turnkey Mean When Buying a House?

Turn-key properties, as they’re generally in great condition, are often pricier than properties that may need repairs or remodeling, such as a home with older, drafty windows or a roof in disrepair. You should always get a home inspection, though, before finalizing a purchase for any property – even if the home is in turnkey condition. Even homes that have been renovated recently may have older, faulty electrical wiring or structural problems that aren’t obvious to the average homebuyer but are often noticed by home inspectors.

What is a turnkey property?

Turn-key is a term used by listing agents in marketing remarks to indicate that the home is move-in ready. This means that all appliances are in working condition and there are no obvious structural or electrical issues with the home.

Should You Look for a Turn-Key Property?

There are many reasons you might choose to look for turnkey properties or, alternatively, intentionally avoid such properties. For instance, you might be looking for a vintage home that you can carefully restore over time. Such homes will not be listed as turnkey properties. Or, you might decide to purchase a new home that’s in construction but not yet complete, which allows you to purchase the home at a lower cost and complete the construction to suit your own preferences.

On the other hand, if you’re searching for a new home because your job has transferred you to a different office on the other side of the country, a turnkey property might be ideal because you won’t have time to spend coordinating renovations while you acclimate to your new town and your new office. Likewise, you may simply not have the time or the desire to deal with extensive home repairs and want to purchase a home that you can easily move into without doing a lot of work to the property before moving day. It’s truly a personal decision based on your budget, your timeline, and your inclination for projects like home renovations.

No matter which route you choose, your first step should be to search for homes for sale on Redfin, and then save your search so you get instant updates when homes hit the market in that area. That will help you get a sense of how much homes are selling for, and which ones will move quickly, so you can jump on a deal when you see one.

Questions?

If you have any specific questions about turnkey properties, ask a Redfin real estate agent in your area.