Real estate industry professionals are notorious for their use of abstract jargon and terminology that confuses a casual audience. The label “turnkey” is one such popular term that leaves plenty of sellers (and buyers) confused.
Fortunately, we’ve got you covered. In this article, we demystify turnkey condition and analyze its pros and cons—that way you can decide if achieving turnkey condition is worth it when you need to sell a house fast in Bixby.
What Does Turnkey Condition Mean In Real Estate?
Turnkey condition means the property is ready to live in. Essentially, all you have to do is use a turnkey and you can start living in the new place. That said, not all turnkey homes are created equal. Some places are fully furnished, and at such places you wouldn’t have to do any renovations or cleaning before move-in day. And when a turnkey property undergoes a renovation, afterward it could be habitable—just not finished.
Homeowners are often stuck pondering, “Does it make sense to renovate if I want to sell my house fast in Bixby?”
Well, that’s a good question. If you’re looking for a quick sale, then you might prefer connecting with cash home buyers in Bixby. Cash buyers purchase homes as is, meaning when you sell to them there are no repairs or renovations. That said, a newly renovated home will sell much faster than one which needs numerous repairs because it’s being sold as is.
So what’s better? Should you go for a turnkey property or one that’s being sold as is?
Consider the following factors to determine which option is the right one for you:
1. Determine If You Have The Budget For A Full-Scale Renovation
The first question you have to ask yourself is: “Do I have the time, expertise, and money for a full-scale renovation?”
Home renovations take a long time (anywhere from two months to a full year). If you’re hoping to sell your home quickly and relocate a few weeks after, selling your home in turnkey condition is NOT a bad idea. On the other hand, if you have a long time horizon and an adequate budget, you can go for a full-scale renovation to increase the resale value of your home.
2. Get An Expert Opinion
If you can’t decide whether you should sell as is or not, it’s a good idea to seek the opinion of an expert. You can discuss the pros and cons of both options with a realtor or a trusted friend in the real estate industry. The expert might recommend a few minor renovations, including applying a fresh coat of paint and executing a deep exterior scrub—both can increase the selling price of your home.
3. Consider Your Preferences & Current Responsibilities
You should also consider your existing responsibilities and personality to determine whether a renovation is a good move or not. Do you have a DIY streak in you? Do you have the patience to handle dozens of handymen walking around your home for months to complete repairs? Will the increased noise level bother you?”
Simply put, you have to ask yourself this question: are you willing to accept the inconveniences associated with home renovations? Once you answer this question, you can decide which option is best for you: selling turnkey or as is.
4. Keep The Market In Mind
It doesn’t make sense to go for a luxury renovation if your home is located in a not-so-great neighborhood. So, before you go for a renovation, do some quick market research to identify your target audience and their buying potential. Then you can make the right decision.