What does the term ‘Turnkey’ mean in Property?
So you see a listing of a property that you like and the word ‘turnkey pops up…… what does this mean?
Well, in an ideal world, the term should mean that you buy the property, turn the key and voila, you can move right in. This is a bonus as there is no work to be done when you move in.
A Turnkey development is a hassle free way to buy commercial and industrial property as the developer has to deal with all the hassles from design to hand-over. The developer deals with the architect and any other professionals required in the building of the property and hands over a completed product to the buyer. This is a help for someone who is not experienced in building property as the developer has the skill and experience as well as all the necessary contacts to effectively build a well-planned product.
Your contract will include a list of specifications, itemising everything from light fittings to plug points, giving the buyer peace of mind as there are no surprises on delivery.
Ken Poirot said it best when he said: “Wise people understand the need to consult experts; only fools are confident they know everything.”
Author: Jayne Richards