Definition
A property that is completely renovated and ready for immediate occupancy requiring no repairs or improvements. Turnkey properties command premium prices but eliminate renovation risks.
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Turnkey properties are ideal for buyers who want minimal hassle and immediate occupancy. These properties are fully renovated with modern systems and finishes. Turnkey properties typically sell at higher prices reflecting the completed work and premium appeal.
Pro Tip
Turnkey properties command higher prices. Weigh the premium against costs of buying a property needing repairs.
Example
The turnkey investment property had just undergone complete renovation and was immediately available for tenants, generating rental income from day one.