About one out of every 150 real estate listings now uses the word “turnkey” to describe a home. But what does the word mean?
Unfortunately, there’s no clear answer. In many cases, a “turnkey” property means that the house comes with everything in it – furniture, rugs, art, window treatments, even the dishes and silverware. This type of listing is most popular with houses in resort areas that are being sold as vacation properties, since the buyer may already have a primary home and not want to bother having to outfit a second one.
But some sellers use the word “turnkey” simply to mean that the property has recently been renovated and doesn’t require any major repairs. So be sure to clarify what the seller has in mind when you see this term in a listing.