turnkey home

Pros and Cons of Buying a Turnkey Home

As you’re exploring the real estate market, you may run across the term “turnkey.” By definition, “turnkey” refers to a property that is move-in ready, all there is left to do is turn the key and start living. But is a turnkey home right for you? Here are pros and cons of buying a turnkey home.

Pros and Cons of Buying a Turnkey Home

What is a Turnkey Home?

The term “turnkey” is used in real estate listing descriptions to make buyers feel like they’ll have little to no work to do on the home when they move in. This refers to home that are in excellent condition and a lot of the time is newly renovated. When house hunting, it’s hard to find a home that’s perfect unless you buy a new construction home. Seeing turnkey in the description can give you peace of mind that you’ll have little to no repairs to worry about when moving in. If you’re a busy person or one who does not want to spend their free time fixing up their home to make it livable, then a turnkey home is likely what you’re looking for.

Pros and Cons of Buying a Turnkey Home

Pros

  • As a buyer you won’t have to negotiate many requests of the seller since the home is move in ready. This could result in a smoother transaction which is a win/win for both the buyer and the seller.
  • If you move into a turnkey home, you won’t have to come up with the funds to buy paint, new appliances, or any other costly repairs. This means you can use these funds towards your down payment and closing costs.
  • As a seller, a turnkey home can help you find a buyer quickly and sell for top dollar. They understand that most buyers don’t want to do a ton of renovations upon move in.

Cons

  • Convenience comes at a price, and buyers may not be getting as good of a deal as they think they are. Turnkey homes can be more expensive, as the seller can justify the higher price since the buyer doesn’t have to do any major upgrades.
  • Buying a turnkey homes give you less control over the look and style of the finished product. For example, if you don’t love the flooring per se, it doesn’t make financial sense to redo these things to suit your tastes since the seller just redid all of flooring before you bought the home.

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