In addition to being one of the most profitable and reliable property markets in the world, the property comes with a lot of additional work if you are not prepared. When investing, there is a lot to consider – whether it is arranging furniture deliveries, obtaining the appropriate safety certificates, or conducting tenant viewings. It is important to note, however, that not all investments require this level of effort. There are options available for investors that will enable them to enjoy all the benefits of being a landlord without any of the hassles. In today’s article, we examine “turnkey” investments, how they work, and what to look out for when investing in turnkey property.
What is a turnkey property?
A turnkey property is one that is ready to be moved immediately after construction without any additional work required. As far as property investment is concerned, a turnkey property consists of everything needed to rent it out immediately, including furniture and a management agent.
A turnkey property is one where all you have to do to make it liveable is put the key in the door, turn it, and it’s ready to go.
How do turnkey properties work? Are they only for investors?
The overall principle applies to both home buyers and investors, so a turnkey property is for both. Even though the term may be more common in the investment world – especially for overseas investors – it applies equally to every type of buyer, and many homebuyers would find it advantageous to search for turnkey properties.
The dream of renovating or designing your own home may be a dream for some, but many are simply too busy or do not have the desire to do so. If you are one of these people, then buying a turnkey property is probably the best thing for you – it has everything you could possibly need doing for you and will be ready for you as soon as you move in.
How can you identify a turnkey property?
A number of the same principles apply to the purchase of a turnkey property as they do to any type of property purchase. This is particularly true for those who are buying off-plan, which is when the building development is still in the process of being built.
When you do your research, you can find a turnkey property made by a reputable developer that will be high quality and delivered on time. Aside from earning significant capital appreciation, you can often get the property for a below-market price when you buy off-plan.
In the event that you are an investor, you should look for a developer that provides a lettings and property management service after the project is completed. It is impossible to describe a property as “turnkey” if you have to search for a turnkey agency after you have purchased it. The majority of reputable developers will be able to recommend a property management company that will handle every aspect of the lettings and management process for you, so you can enjoy all the benefits of being a landlord without the headaches.
According to Alliance Investments’ Managing Director, Ronald Garrett, buying a ‘turnkey’ property is one of the best investments you can make as a landlord. As a result, you can begin earning rental income immediately after the project is complete, saving you a lot of time and effort.
A letting agent like Alliance City Living can magnify the benefits of buying a turnkey property and make the most of your investment by providing reliable letting and management services. To ensure this happens, Alliance offers a comprehensive process from start to finish and beyond into ongoing property management.
Investing in property is a great idea right now, so if you are looking for a turnkey property at a great price, contact us now for more information.