If you’re considering investing in a turnkey property, you may be wondering if they’re really worth it. Here’s what you need to know about turnkey properties and whether or not they’re a good investment for you.
What Is A Turnkey Property
A turnkey property is a home that’s ready to be lived in right away – all you have to do is turn the key and move in. It comes with furniture, appliances, and often decoration items, so everything is already taken care of.
It’s a great option for busy people who don’t want to put in the effort of equipping their new home with all the necessary items, or those looking for an investment that doesn’t require a lot of work.
Whether you’re looking for an easy transition into a new home or just an easy way to add to your existing investments, turnkey properties are an excellent opportunity to own or rent without hassles.
The Pros of Buying a Turnkey Property
Buying a turnkey property can be a great investment, especially if you are short on time and resources. Turnkey properties are desirable because they are move-in ready — meaning you don’t have to worry about fixing anything or updating any appliances or furniture.
In addition, they often come with maintenance support so if something does go wrong, it’s already taken care of for you. You’ll also save time and money by not having to spend hours searching for general contractors or repair services.
Ultimately, turnkey properties are worth it in that they provide convenience and reduce stress.
Cons of Buying a Turnkey Property
A turnkey property can be a great investment and an incredibly convenient way to invest in real estate. It eliminates much of the hassle associated with traditional investments: no cleaning up or remodeling, no finding tenants and collecting rent payments, none of that. But turnkey properties come with considerations of their own.
A turnkey purchase may be pricier than a “fixer-upper” — you’re essentially paying extra for the convenience. There’s also the concern that turnkey purchases don’t generally leave much room for as much annual return on investment compared to doing renovations yourself; this is something you’ll want to research beforehand.
This type of investment may give you less control over the look and style of the property.
All in all, it comes down to how involved you want to be and what kind of return on investment you’re looking for — turnkey properties are certainly worth considering, but there are definitely pros and cons that need to be weighed carefully first.
Quick Tips Before Purchasing a Turnkey Property
Purchasing a turnkey property can be a great way to become a homeowner without having to take on major renovation projects. When deciding if this is an option for you, do your research and inspect the property closely.
Make sure you know exactly what’s included with the purchase – whether it has been recently renovated or just comes with all the furniture and appliances.
Consider enlisting the help of a professional inspector to ensure you are making a sound investment in your home. Additionally, talk to experienced Realtors for assistance before making any decisions about purchasing a turnkey property.
Overall, if you are considering purchasing a turnkey property, it is important to weigh the pros and cons carefully and make sure that this is the right decision for you.
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Tamila McDonald is a U.S. Army veteran with 20 years of service, including five years as a military financial advisor. After retiring from the Army, she spent eight years as an AFCPE-certified personal financial advisor for wounded warriors and their families. Now she writes about personal finance and benefits programs for numerous financial websites.