What Does Turnkey Mean in Real Estate?

Turnkey properties are homes that are move-in ready, meaning appliances are in working condition and there are no obvious structural or electrical issues with the home. Unlike fixer-uppers, there isn’t a need for renovations and updates before the home is livable. Much of the time, move-in ready homes don’t even require a fresh coat of paint, making them ideal for homebuyers that need to move in on a truncated timeline.

In this Redfin article, we’ll dive into what it means to buy a turnkey home and whether it’s the right choice for you. Whether you’re looking at homes for sale in Portland, OR, or a townhouse in Salt Lake City, UT, read on to find out if you should buy a turnkey home.

What does turnkey mean when buying a house?

Turn-key properties are generally in great condition. They are often pricier than properties that may need repairs or remodeling, such as a home with older, drafty windows or a roof in disrepair. You should always get a home inspection, though, before finalizing a purchase for any property – even if the home is in turnkey condition. Even homes that have been renovated recently may have older, faulty electrical wiring or structural problems that aren’t obvious to the average homebuyer but are often noticed by home inspectors.

What is a turnkey property?

Turn-key is a term used by listing agents in marketing remarks to indicate that the home is move-in ready. This means that all appliances are in working condition and there are no obvious structural or electrical issues with the home.

Should you look for a turnkey property?

There are many reasons you might choose to look for turnkey properties or, alternatively, intentionally avoid such properties. For instance, you might be looking for a historic home that you can carefully restore over time. Such homes will not be listed as turnkey properties. Or, you might decide to purchase a new home that’s in construction but not yet complete. This can allow you to purchase the home at a lower cost and complete the construction to suit your own preferences.

On the other hand, if you’re searching for a new home because your job has transferred you to a different office on the other side of the country, a turnkey property might be ideal. You won’t have time to spend coordinating renovations while you acclimate to your new town and your new office.

Likewise, you may simply not have the time or the desire to deal with extensive home repairs. Maybe you want to purchase a home that you can easily move into without doing a lot of work to the property before moving day. It’s truly a personal decision based on your budget, your timeline, and your inclination for projects like home renovations.