Are you looking for the perfect home but don’t know what type to choose? Whether you’re looking for a second home or an investment, home buying is never easy. Even once you find a home, your work is far from over because then you have to worry about upgrades and major renovations. Luckily, the answer to your home searching woes may be closer than you think. And that answer lies in turnkey homes.
So if you’re looking at buying a house, it’s time to consider a turnkey property. Keep reading this guide to find out all about turnkey properties and the benefits of buying one!
What Is a Turnkey Property?
A turnkey home is what the name implies. Turnkey homes are ready to go and don’t require any massive upgrades or renovations before you can move in. You put the key in the door and turn it. That is pretty much it!
Turnkey homes undergo extensive renovations by real estate restoration companies before selling.
Turnkey homes are becoming more and more popular, especially with people too focused on their careers to worry about remodeling a house.
Should You Buy a Turnkey Home?
Not everyone wants to DIY. And not everyone can. Time, health, lack of tools, or anything else can make DIY renovation not something you want to put on your bucket list.
Consider purchasing a turnkey home if you have zero time or interest in making your home improvements. Some people love to build up their space and make it personal.
But many other people want to avoid that altogether. If you’re busy with family, career, or think hardware stores belong on another planet, then turnkey could be the way to go.
If you’re looking for an investment property, a turnkey property is a popular choice. Investors will purchase a turnkey home for less. Then immediately hire a property management company to rent it out and get a quick profit in the meantime.
You can use a property management company that acts as a landlord for the tenants you rent. These companies also take care of the condition and cleanliness of the property.
So turnkey property is an excellent solution if you’re looking into property investment.
Benefits to Turnkey Homes
Let’s talk about the benefits! Everybody wants to know about benefits, and with turnkey homes, you won’t have trouble finding any.
The most significant benefit is convenience. A house that is already repaired, updated, and renovated saves you a ton of time, especially when you’re looking to invest.
The other part of this convenience is that many turnkeys already have a tenant in place. So with this part already sorted out, you will get a return on your investment right away.
Turnkey homes are a huge time saver. If you’re a busy career professional moving to a new city, you want to get settled as soon as possible.
Moving into a home that is ready to go saves you from a lot of hotel hassles. Some turnkey homes include furniture as well as all major appliances, which saves you even more.
What to Look For in Your Turnkey Home
Don’t forget that just because a home is labeled turnkey doesn’t mean it is. So you need to keep your eyes open and know what to look for.
The first thing to check for is poor quality done in a hurry to sell the home. Don’t let granite countertops and fancy appliances fool you. Keep your eyes peeled for:
- Fresh paint hiding decay
- Cracked or misaligned molding
- The floor jammed up against the walls or doors
- Gaps between counter and backsplash
- Windows and doors that don’t open and close normally
But don’t stop there. You also want to check for dirty air vents, filters, discolored drywall around the water heater, or fluid leaking from the home’s central HVAC unit.
Next is the roof. You want to check for mold, decay, cracked or warped shingles, and water stains on the inside of your ceiling.
Remember, just because you’re buying a turnkey home doesn’t mean you don’t need to protect yourself with a complete home inspection. So don’t slack on this one. Make sure to hire a licensed home inspector that will give you a thorough report.
The other thing to remember is turnkey homes are often sold at a premium price because all the upgrades are done. But that still doesn’t mean you should buy one for more than it’s worth. Include a contingency in your offer that states the home must appraise at or above the sale price.
Do Your Research
Whether you’re investing or buying a turnkey home for personal use, you still need to do your research. Check to make sure the company you are buying from is reputable.
Google is your friend. Look up the best turnkey real estate companies. See how they stack up by comparing the fees they charge, average property prices, and the average return on investment.
You should also:
- Look at the house in person even if you have to travel
- Investigate the neighborhood to make sure it’s safe
- Make sure the interior matches up with the pictures
- Get a home appraisal, so you don’t overpay
Turnkey properties are beautiful move-in-ready wonders. But you still have to make sure you do the work so you don’t fall for staging tricks and high prices.
Turnkey properties are the perfect answer to your house hunting dilemma. Because you don’t always have to DIY
The professionals at Memphis Investment Properties provide newly renovated turnkey homes in the Memphis area.
Make sure you contact us today and find the turnkey home of your dreams tomorrow.