Among the myriad of choices available in the housing market, the concept of a turn-key property has gained considerable popularity in recent years.
A turn-key property is a home or apartment that is ready for immediate occupancy, requiring little to no renovation or refurbishment, and sometimes the furnishings are included too. In this article, we will explore the appeal of buying or renting a turn-key property and the advantages it offers for both homeowners and investors.
Instant gratification
These homes are move-in ready, which eliminates the need for extensive renovations or repairs. Whether you're a first time buyer or a seasoned investor, the ability to move into a new property or start earning rental income immediately can be highly attractive. This quick turnaround not only saves time but also reduces the stress associated with home improvement projects.
Lower initial costs
Buying a fixer-upper property may seem appealing, but it often comes with hidden costs that can add up quickly. Turn-key properties, on the other hand, have a set purchase price, and the costs are typically transparent. You'll know what you're getting and what it will cost from the start. This can be particularly beneficial for investors looking to generate rental income, as they can calculate potential returns more accurately.
Reduced maintenance hassles
Generally built or renovated with quality in mind, it means that you are less likely to face immediate maintenance issues, which are common in older or distressed homes. Whether you plan to live in the property or rent it out, the reduced maintenance hassles can save you time, money and the stress associated with unexpected repairs.
Attractive to tenants
For property investors, this style of home can often be more appealing to tenants. Tenants generally prefer homes that are ready for immediate occupancy, as it spares them the inconvenience of living in a construction zone. A well-maintained and aesthetically pleasing home is more likely to attract reliable, long-term tenants, ultimately maximizing the return on investment.
Energy efficiency and modern amenities
Many come equipped with energy-efficient features and modern amenities. This not only reduces utility costs but also makes the property more tempting to homeowners and tenants. Features like smart thermostats, energy-efficient appliances and updated electrical systems are highly sought after in today's housing market.
New appliances
Ensuring that your appliances, such as boilers, washing machines, dryers and ovens are fairly new and still under warranty means that if they break down they can normally be replaced or repaired with minimum fuss and stress.
Peace of mind
Finally, the peace of mind is invaluable. Knowing that your property is in top condition from the moment you step in the door allows you to focus on enjoying your new home or managing your investment, rather than worrying about renovations and repairs.
Whether you're a homeowner looking for a hassle-free move or an investor seeking reliable rental income, from instant gratification and lower initial costs to reduced maintenance hassles the peace of mind that comes with owning or renting a turn-key property can be the icing on the cake, making it a compelling choice in the competitive market.
Author:
Emlyn Akoto-Dwemoh
Area Director
