Did you know that the average cost of a residential property in Australia hit a record high of $973,300 in June 2024? So, it indicates the prices will keep rising.
So, what’s the solution?
Turnkey properties can be an answer. Experienced investors often suggest that turnkey properties are a wise long-term investment. Because turnkey properties are completely renovated and ready for rental use at the time of purchase, they can provide a combination of low risks and significant returns when approached with careful research.
Don’t know a lot about the term turnkey property? Welcome to this blog, which can be named Turnkey Property 101 as well. We will learn about this specific genre and why investing in turnkey residences should be prioritised at the present time.
What does a turnkey home mean?
As the name suggests, a turnkey house and land package is a house that you can move into as soon as you turn the key in the lock. Listing agents use the term “turnkey” to describe a home that is ready for immediate occupancy.
Turnkey homes include a list of standard inclusions and are bought at a set price. Therefore, you can turn the key in the front door and move in right away after the build is finished. Nothing major needs to be done. It can be the easiest way to achieve homeownership with no additional fittings, fancy features, site work, or landscaping.
What is meant by 100% turnkey?
When a property is 100% turnkey, it means that no further work is required, and it is fully prepared for use or occupancy. It offers a comprehensive, hassle-free solution for buyers or renters by including all the necessary furnishings, renovations, and occasionally even operational setups like utilities and services.
What is the process for a turnkey property?
Turnkey homes function based on a simple concept, and here’s how they typically work:
- Renovation and Preparation: Usually purchased by a real estate company, the property is updated and renovated to make it liveable and desirable for renters.
- Property Sale: An investor purchases the property when it is prepared.
- Management Services: Turnkey businesses usually offer property management services in addition to the property.
- Ready for Immediate Use: The investor can begin receiving rental income almost immediately because the property has already been renovated and frequently includes management services.
What amenities are included in turnkey house packages?
Here’s a list of facilities that are added in turnkey residence deals-
- Structural enhancements
- Renovated kitchens and bathrooms
- Selected furniture
- Décor elements
- Lighting gears,
- Flooring
- Kitchen appliances
- Smart home features
- Clean gardens and yards
- Outdoor living spaces
Six reasons to choose turnkey homes as your next investment option
Now that you know every detail of the genre of these properties, it is time to discuss the benefits so that you can understand why you should choose it-
1. Buying Process Is Simplified
A single, committed home builder will provide you with turnkey house and land packages. Compared to the alternative of managing with numerous companies and contractors throughout the building process, that is significantly easier.
For example, if you are buying a turnkey house at Yarrawonga, a single company’s agents will be involved in the purchasing process. You will choose your convenient real estate agents in Yarrawonga and they will handle everything. So, in this way, you can avoid misunderstandings, unnecessary delays, and other frustrations.
2. Receiving a Shiny New House
Purchasing a turnkey property involves buying a brand-new house. There are many advantages to this, including the avoidance of repair expenses that are typically connected to previously owned properties. Every element of the property is in fresh condition, so you can move in with confidence. Additionally, any indications of poor workmanship on the property will be fixed at no additional expense to you.
3. Financing Is Easier
When you select a turnkey property, your application is very likely to be accepted if you’re a first-time home buyer taking out a bank loan. The reason is that lenders find this kind of property to be a secure choice, mainly because these properties are guaranteed by builders for a certain number of years. Thus, banks provide loans for secured properties easily and quickly.
4. Getting Settled Sooner
Because you can move into a turnkey new home sooner, you’ll save time, which is one of its most attractive features. You’ll know the construction finishing date and can be prepared to move in as soon as your house is ready. Knowing that everything you need is already there when you get your keys will also allow you to show your loved ones your brand-new shining house the day you decide to move in.
5. Pricing is Fixed
The fixed price of a turnkey home is perhaps one of its greatest selling points. This eliminates the worry about unexpected costs that could arise when constructing your own home. There are many unknowns involved in starting from scratch, from determining the budget to finishing the project, which frequently presents obstacles that could be avoided. These specific homes offer a solution where you are aware of the costs beforehand.
6. Owning a Beautifully Designed Home
The goal of turnkey homes is to simplify your life, and this also applies to home design. These residences are designed to accommodate a wide variety of tastes. If you select these read homes, the design has already been completed by skilled experts in their respective fields. After that, you can concentrate on selecting furnishings for your newly purchased home.
Final Words
All these advantages have made turnkey homes a golden investment property option to professional investors. Now that you know all the benefits and offerings turnkey houses have to offer, it’s your turn to decide whether you would consider it as your investment option or not.
If you have decided to make a property investment, find a turnkey home at a beautiful location or want to explore other land and home packages, Glanmire Park can be a trusted name for you. They can easily be a top choice for Yarrawonga’s real estate company, and with them, you can easily get the ideal living space you have been looking for.
