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Turnkey Project
A turnkey project describes a development whereby the developer takes on all the tasks associated with building and the buyer would have a ready-made home ready for occupation.
The tasks which are taken up by developers or contractors can include things like:
- Bidding and buying the land
- Obtaining the required permits
- Construction planning
- Hiring and training of building management staff
- etc
A buyer would essential have to pay the price quoted and have the house ready for occupation when the deadline arrives.
Once a deal is agreed, all the buyer would have to do is turn the key in the lock and walk into his new home.
Some people contend that the term turnkey refers to “turning over” the keys to the new owner.
But they very much refer to the same thing.
While such arrangements can be very convenient to buyers, there are various factors to consider when buying turnkey.
A lot of public housing projects are created to be turnkey. And the trend is moving into private condominiums and town houses as well.
In a turnkey lease, a landlord would be leasing a property to tenants in a ready-to-occupy condition. There would be no need for tenants to purchase essential furniture and other items.
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