A fully renovated property that is ready to be inhabited once purchased. Turnkey properties are often acquired from companies that focus on this type of property, restoring older properties to be bought by potential investors. These restorations can range from plumbing repairs to repainting. Often times, these same companies may offer on-going property management services to buyers, further reducing the time and effort of for the prospective buyer. As the name suggests, all the buyer has to do is “turn the key.”
Although a common term used for investment properties, a turnkey property can be used to describe residential properties as well. Similar in scope to commercial, residential turnkey properties have been renovated, and are capable for move-in by homeowners.