What Are Turnkey Houses?
Turnkey houses are ready-to-occupy or rent properties that are designed and built
by the developer or builder, usually without the intervention of the buyer. This is a viable proposition for those who want to diversity their investment portfolio and enjoy a profitable return on investment.
How it works:
Turnkey companies are a boon for real estate investors. In this arrangement, the builder delivers the completed property, which can be a single detached or semi-detached house or involve a large scale development. The arrangement involves a single purchase price by the buyer.
In the conventional property developer-owner arrangement, the design is according to the owner"s specifications and involves interaction with the owner throughout the project until it reaches completion. In a turnkey house, the final owner has nothing to do with the decisions and issues involved in building and finishing the house as the builder conveniently takes care of all this. Naturally, this comes at a premium price since the vendor provides extra services to ensure that the buyer has nothing to do but move in or continue to rent out the property.
First steps:
To invest successfully in turnkey projects, the investor must put in at least basic research to find the right location and the right builder along with a clear picture of what the return on investment is likely to be. This means deciding on a budget. An accurate understanding of the vendor"s services is necessary to assess whether the investment is worth it.
Benefits of choosing a turnkey house:
Choosing a reliable company offers the following specific advantages:
"The convenience of owning a readymade property without the stress associated with designing, planning, implementing and finishing.
"Saves time and tension as the entire project is professionally handled by the builder.
"The complex task of managing a construction project is handled by the construction company along with related the risks
"The responsibility of coordinating with subcontractors is with the builder.
"The contractor takes care of obtaining permits, adhering to local building codes and other compliance matters.
"Cost guarantee.
"Economical, since the cost of the property does not fluctuate with inflation.
"A dependable company completes the project on time.
"The process is simple; the buyer chooses a property of his choice, makes the payment and can go ahead and occupy it right away if he wishes.
Turnkey houses can be a practical option since everything including the furnishing is ready. The risk is minimized if the property is already occupied by a tenant, as there is no work involved with the arrangement. Turnkey houses may not be suitable for those who want to be involved in the decision making process from start to finish, or renovating the property and prefer to choose their own tenants if they plan to rent it out.
Some builders and developers also offer extra services like tenant screening, should the owner choose to rent the property. In the case of foreclosed properties, they offer renovation services if the property needs it and handle dispute settlement, if any.
Turnkey house ownership can be a feasible investment option with a dependable and trustworthy builder.
by: Kerrie Turtle
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