In the ever-evolving world of real estate, the term turnkey house has been gaining popularity. But what exactly does it mean? Let’s delve into the deeper concept of turnkey houses, exploring what they are and why they might be the right choice for your next real estate venture.
Australian Broadcasting Corporation mentions that property prices in Australia are likely to go up by 2-5% by the end of 2023. The first half of the 2023 calendar already shows a 2.3% rise in the market. So, experienced investors often advise that it is wise to consider turnkey properties as a long-term investment. When approached with thorough research, turnkey properties can offer a combination of low risks and substantial returns because they are fully renovated and ready for renting upon acquisition.
Understanding Turnkey Home: What Does Turnkey Mean in Real Estate?
A turnkey home is a property that is ready for immediate occupancy upon purchase, with little to no additional work required by the buyer. It represents a complete package at a fixed price, where the home builder has carried out all necessary renovations, repairs, and improvements with minimal to no additional work required.
It signifies a hassle-free solution as turnkey homes come fully furnished and often equipped with modern amenities. These homes have gained popularity for their home purchase inclusion and readiness, making them an attractive move-in ready home option in the turnkey real estate industry.
Features of a Turnkey House
Are turnkey investments worth it? Let’s have a look at its features-
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Fully Furnished and Decorated
Turnkey houses often come fully furnished and tastefully decorated. This includes everything from furniture to appliances and even the finer details like curtains and light fixtures. It’s the epitome of convenience for homebuyers who want a hassle-free transition.
Modern Amenities
These homes are equipped with modern amenities, ensuring that you have the latest in terms of technology, energy efficiency, and home comfort. This includes features like smart home systems, energy-efficient appliances, and more.
Landscaping and Outdoor Spaces
Investing in a turnkey home extends the convenience to the outdoors. You will find professionally landscaped gardens and outdoor living areas, perfect for relaxation and entertainment.
Advantages of Purchasing a Turnkey Property?
Purchasing a turnkey property is a decision that comes with several advantages and benefits. From convenience to financial gains, we will delve into the advantages that make turnkey properties an attractive option in the real estate market.
Convenience and Immediate Occupancy:
One of the primary advantages of purchasing a turnkey package is the convenience it offers. These properties are move-in ready, meaning you can start living in your new home immediately after the purchase. You won’t need to deal with the hassles of renovations, repairs, or furnishing the property, as everything is already taken care of.
Reduced Stress and Time-Saving:
Buying a property can be a stressful process for home buyers, especially when it involves extensive renovations and remodelling. Turnkey investment eliminates this stress by providing a ready-to-live-in solution. This not only saves you time but also ensures a smooth and hassle-free transition into your dream home.
Also read: Knockdown rebuild vs. renovation
Lower Renovation Costs:
When you purchase a property that requires renovations, the costs can add up quickly. Turnkey build houses can be a cost-effective option in the long run, as you won’t have to invest in extensive renovations. The initial purchase price often includes all the necessary upgrades and improvements, saving you money and effort.
High-quality finishes and Modern Amenities:
Turnkey homes are known for their high-quality finishes and modern amenities. These homes are often equipped with state-of-the-art appliances, energy-efficient systems, and stylish fixtures. This ensures that you not only have a beautiful home but also one that is efficient and up-to-date with the latest technology.
Higher Resale Value:
Turnkey brand-new homes often have a higher resale value compared to properties in need of renovations. Modern finishes and conveniences make these homes attractive to potential buyers, allowing you to sell at a higher price and realise a better return on your investment while buying a house.
Potential for Immediate Rental Income:
For investors, these properties offer the potential for immediate turnkey rental income. Since these properties are move-in ready, you can start generating rental income right after the purchase. This can provide a steady cash flow and a quicker return on investment compared to properties that require extensive renovations.
Instead of purchasing a block of land and dealing with the complexities of construction, a turnkey property allows you to become a landlord with ease. These homes offer a ready-made haven for your future tenant, ensuring a smooth transition into a turnkey new home.
What should be included in the move-in ready turnkey package?
Buying a turnkey property should include:
- Renovations and Repairs:
- Structural enhancements
- Cosmetic upgrades
- Renovated kitchens and bathrooms
- Furnishings and Decor:
- Thoughtfully selected furniture
- Décor elements
- Window treatments, lighting fixtures, and flooring
- Modern Amenities:
- State-of-the-art kitchen appliances
- Energy-efficient heating and cooling systems
- Smart home features
- Outdoor Enhancements:
- Professionally landscaped gardens and yards
- Outdoor living spaces (patios or decks)
- Curb appeal enhancements
The difference between Turnkey House and Land Packages
A turnkey house is a fully completed and move-in-ready home. When you purchase a turnkey house, you are essentially buying a property that is ready for immediate occupancy. A land package, on the other hand, consists of two separate components: the land itself and the construction of a freshly built home. Land package means you purchase a plot of land in a chosen location, and in most cases, you will have the flexibility to select a home design that suits your preferences.
Let’s look at the key differences between the two:
Occupancy
- Turnkey House: Ready for immediate occupancy.
- Land Package: Requires waiting for construction to be completed.
Customisation
- Turnkey House: Limited customisation; what you see is what you get.
- Land Package: High level of home building customisation; you design your dream home.
Payment Structure
- Turnkey House: Single lump-sum payment.
- Land Package: Staged payments for land and construction.
Want to explore whether a turnkey investment in Australia is truly worth your while? Book a Free Consultation with us today to embark on your journey towards a brighter and more convenient future in the world of real estate.
What should you consider before buying a turnkey home package?
Investing in a turnkey home package is a significant decision that requires careful consideration. First and foremost, assess your budget. Determine how much you’re willing to spend, factoring in not just the purchase price but also potential additional costs such as property taxes, insurance, and maintenance. Sticking to your budget will help you narrow down your options and avoid overspending.
Location
Location is a critical factor in real estate. Consider the neighbourhood, proximity to schools, work, and essential amenities. Do thorough research on the area’s safety, infrastructure, and future development plans. Visit the neighbourhood at different times of the day to get a feel for the environment.
Property Size and Layout
Evaluate your space requirements and preferences. How many bedrooms and bathrooms do you need? Do you prefer an open floor plan or more defined living spaces? Ensure that the property’s size and layout align with your family’s needs and daily routines.
Condition and Quality
Inspect the quality and condition of the turnkey home. Even though it’s move-in-ready, it’s essential to ensure that the renovations and upgrades meet high standards. Look for any signs of wear and tear and ensure all appliances and systems are in good working order.
Amenities
Consider the amenities offered by the turnkey home package. Does it have modern conveniences and features that enhance your quality of life? This can include energy-efficient appliances, smart home technology, outdoor spaces, and security systems.
Also Read: Benefits of Energy-Efficient Home Design in Australia
Resale Value
Think about the potential resale value of the turnkey home. While you may be purchasing it for immediate occupancy, it’s wise to think about its long-term value. A well-maintained and upgraded turnkey home can be attractive to future buyers.
Inspection and Documentation
Before making the purchase, conduct a thorough inspection of the property. Ensure that all necessary documentation, including warranties for renovations and appliances, is provided. Having a clear understanding of the property’s history and condition is essential for peace of mind.
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Financing Options
Explore your financing options for the turnkey home package. Consider mortgage rates, down payments, investment properties and home loans, and loan terms. It’s advisable to consult with a financial advisor or mortgage specialist to determine the most suitable financing solution before buying a turnkey house or even before building a new home.
Reliable home builder
Engage in the services of reputable home builders who specialise in turnkey properties. An experienced property management service company can guide you through the process, help you find the right property, and provide valuable insights and advice. Dhursan Construction, with its years of expertise in constructing residential real estate homes, can ensure that your investment in a ready-to-move-in property is a wise and hassle-free choice.
Investing in a turnkey property? Make your next home a dream home
Why choose a Turnkey investment? Investing in a turnkey property is a game-changer, especially for first-time home buyers. With a turnkey build, you are handed the keys to your dream home, fully equipped and ready for you to move right in. It’s not just a home; it’s a smart real estate investment that saves you time and effort.
When considering such a significant investment, it’s crucial to partner with a reliable and experienced builder. This is where Dhursan Construction truly shines. Elevate your homeownership experience with us!
Our dedicated team at Dhursan Constructions is here to answer your questions, offer expert advice, and guide you every step of the way. Contact Us today to turn the key to your future!
