After much deliberation, you’ve decided to sell your home. There are many questions to ask when going through this process. Other than finding your next place to live, the other most important question is:should you make your property turnkey before Selling?
Turnkey properties are increasingly popular throughout the United States. Making your home turnkey-ready will put you in position to maximize your profits. Let’s take a look at how you can do this.
What does turnkey mean?
The phrase turnkey is popular. Turnkey basically means a house that is ready to move into. In other words, you turn the key and move in.
It typically refers to one that has had recent renovations. These homes often don’t even need a fresh coat of paint. Just move in and go about life. Think of this as the antithesis of a fixer upper.
Today's buyers are popular with millennials. This group are busy professionals, working long hours, who don't have time and money to put renovations to make a home more to their taste. Instead, they are OK buying a home at a higher dollar amount and paying it off on a typical 30-year loan.
Here are other groups who prefer a turnkey home.
- People who don’t like home repair
- Families with young children
- Investors who want to rent quickly
- People on strict budgets
Benefits of turnkey homes
There are many benefits of turnkey homes. The biggest for you is that you’ll earn more money. A recent study showed that turnkey homes sell for over 25% more than those needing work. Making your home turnkey can generate a big return on investment.
Another benefit to turnkey homes is that they sell faster. It’s frustrating when your home sits on the market for months. Investing in making your home turnkey-ready will bring a quicker sale because it appeals to what buyers are looking for. This puts money in your pocket and reduces holding costs.
Of course, there are benefits to buyers too. One is time. In a busy world, turnkeys mean not having to wait to move-in. Your home’s buyers also won’t have to worry about any repairs.
While turnkeys sell for more, the advantage for buyers is less upkeep. No need to patch roofs, fix leaky faucets, or buy a new cooling system. It’s already done, making maintenance significantly easier. It provides peace of mind, plus who doesn’t like new things?
How to make your home turnkey
Making your home turnkey-ready will enhance your ability to sell. For some homes, this means major renovation. For others, it can involve relatively minor projects. But it will require work and research. Here are some tips.
Invest in touch ups. There are many things you can do that will add value and make your home turnkey. A number of small things that make a huge difference include:
- Paint the interior
- Add landscaping to the yard
- Update lighting fixtures and bathroom fixtures
- Refinish cabinets
- Replace flooring
What you do depends on your local real estate market. Some actions will not recapture value or increase profits. Consulting with tried and true experts can help you determine how to maximize your ROI before spending money on the wrong things.
Budgeting is another key step. Understanding what goes into a renovation will help you calculate a budget. You probably don’t need a crystal chandelier or over-the top fixtures. Leave these decisions to experts who know the numbers. Working with a team that’s done the market research and offers a vast network of contractors can help with predictable pricing. Staying on budget will help you maximize your profits after renovation.
Picking finishes based on economic and availability reasons is also key. No one wants to hold up construction because we were waiting on the right shade of black door knob.
Take Advantage of Experts. Explore your options. Contractors and architects can assist. Revive's Renovate to sell program is also worth consideration. This program not only fronts the cost of renovation, but advises on what renovations will make a difference. It also handles vetting and managing contractors to make the process run smoothly. The result is a turnkey home with minimal work and risk.
There are many advantages to putting a turnkey home on the market. Buyers increasingly prefer moving into a new home without having to do anything. Providing this option gives you a greater selling price and less time on market. Revive is ready to help you maximize your profits with a turnkey home.