Pros & Cons of Purchasing a Turn-key Home | Bahamas Real Estate

When deciding to purchase a home whether it’s your first time or an investment property, you will come across the word “turn-key” on your search at some point. So what is a turn-key home? The Term turn-key refers to a home that is ready for you to move in, with no need to make big repairs or improvements. Turn-key can seem like the best option at first, but this may not be the best option for you.

Pros:

• The immediate advantage is utilities, furniture & appliances are already set up for you
• No move in hassle, just bring your bags and you are good to go
• Team not required, you don’t need a contractor or a team of people to make the home livable
• You can afford a higher price since you won’t need to furnish or finish the home

Cons:

• No control over a turn-key property’s appearance, layout and style
• Pricing tends to be higher (renovation & furnishing costs may be passed on to the buyer)
• Not every turnkey property is a good investment; you may end up disliking the appearance and spend more to make changes

 

Buying turn-key properties is a great way for many people to get started with real estate. If you can find a turn-key home that fits into your budget that doesn’t need much work, it can be an excellent investment.