Planning to buy a turnkey property? When it comes to investing in property, turnkey properties seem to be a reliable way to get quick returns and shift to a dream home without much delay. A turnkey property is a completely renovated home or apartment that is constructed so that it can be sold to any buyer as a completed project. In real estate, turn key property solutions have several advantages which have been detailed in the article. This is quite different from build-to-order properties, where a constructor builds a project and sells it without completion and the buyer completes it depending on a particular choice. In a nutshell, turnkey refers to something that is ready to use.
Advantages of turnkey property management
1. Saves time: Building up a house or apartment is a time-consuming one. But with this unique solution, the whole process becomes faster. It saves the time of a buyer as it is a completely finished project and ready-to-move home. No more need to spend time on prospecting the markets, contractors, and finding tenants.
2. Instant cash flow: The management company takes the responsibility of finding a suitable apartment for the client. It also works as a passive income source for those who want to rent out their properties. The regular property selling methods are not suitable for instant cash flow.
3. Energy-efficient savings: Newly constructed properties are built with maximum energy efficiency. Solar panels, white goods, and other energy-saving arrangements save money in the long run. They are perfect for living in extreme heat and cold, preventing health hazards. Choose always trusted and experienced reputed turnkey property solutions for the best deal.
4. Made with expertise: All turnkey projects are handled by responsible contractors who have enough experience in project management. First-time buyers often build their own dream which may have unforeseen faults, turning a dream home into a nightmare. But all the issues are solved when the property is in the hands of experts.
What are the cons?
1. Less personalization: The buyer will have minimum control over interiors, appearance, landscaping, etc., as they are designed and completed properties. This is one of the common disadvantages of such real estate project.
2. Less income: It’s a fact that turn key property solutions save the new buyers from renovations and repairs, but the disadvantage is that they cost higher than the built-to-order properties. The refurbishment costs will be included in the actual value of the property.
The commercial real estate industry is growing rapidly and the concept of turn key properties solutions is high in demand. Those who don’t want to indulge themselves in the hectic procedure of prospecting for different steps to buying properties can consider investing in turnkey properties. Choose a trusted and reliable contractor in this field who has successfully completed several real estate projects and has good reviews online. Before choosing a fully furnished house make sure to check different properties so that one can choose the best.