What is A Turn Key Home

Written by Jason Nelson on May 31, 2017

turn key home

Home buying can be a lengthy process full of jargon and terminology you’ve never encountered previously. It can be easy to make assumptions as to what these terms mean, but it’s important to have an accurate understanding as home buying is a serious and long-term investment. When it comes to a turn key home, there’s some disagreement as to what exactly this entails.

There are Always Variables

In most cases, the phrase turn key home is used much the same as the term move-in ready. It most often means that the home is livable and doesn’t require repairs prior to moving in because everything is in working order. You can collect the keys when you close on your home and immediately begin moving in. Now, what’s livable to some isn’t necessarily livable to others, so it’s still vital that you employ an independent inspector to ensure that there aren’t any latent issues that could arise after you’ve closed and moved in.

When you do a walk through of your prospective home it’s important to ask as many questions as possible. This way you’ll know that your definition of a turn key home is the same definition that the realtors and seller are using. What appliances are included? Are the owners leaving behind any furniture? Some individuals consider it to be move in ready when it includes all of the furniture, appliances, and even home decor. To others, it simply means the owners are leaving their appliances or it could mean that absolutely nothing is being left behind but you won’t have to make any repairs prior to moving in your own belongings. As you can see, the only way to know what you’re actually getting, is to ask!

Is a turn key home essential?

For many real estate terms there’s no one definition that is widely excepted, so it’s important that you ask as many questions as you can through the buying process. Just because a home is not turn key or move in ready, doesn’t mean that you shouldn’t consider it. There are many reasons why a home may not be considered turn key. The home could still be under construction or require repairs or replacement of a major item. When major repairs are required, whether presented up front or discovered during an inspection, the cost of said repairs can often be negotiated into your purchase. The sellers could pay for and complete the repairs on their end, or the cost of repairs can be deducted from the purchase price of the home.

Overall, if you know that you want to be able to move in immediately without having to wait for construction or repairs to be completed then you should probably pursue a turn key home. Just make sure you understand what turn key implies for each home you consider so that you can compare apples to apples when making a decision.

Posted Under: Mortgages

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