July 23, 2020 5min read
If you’ve been busy browsing for a new home, it’s likely that you’ve come across the term “turnkey” in your search — particularly across real estate websites. An increasingly popular way to buy property, a turnkey home is one of the most convenient choices for new home buyers. But, what does it mean?
While the definition varies from builder to builder, at Porter Davis we define a turnkey home as any type of house and land package that is built “ready to move into”.
What does this mean exactly? Everything you need to rent the home or move in comfortably from day one is taken care of. Things that sometimes form part of an additional cost on a traditional build — such as a driveway, fencing and even flooring — is all included in the package price. This means come settlement time you can simply turn the key and move in. Hence the name ‘turnkey’!
Customers that opt for a turnkey home package with us do so for a number of reasons, but the main one is usually around ease of purchase. In these homes, all the hard choices around fixtures, fittings and sometimes even colour selections have already been made for you. Everything has been thought of — from cabinetry and tapware, down to flooring and carpet selections — making it an ideal choice for those who want a new build with the same simplicity as buying established.
By buying a turnkey house and land package you are also jointly purchasing the land, taking the hassle out of finding a suitable lot for your new build. When it comes to packages, any estate covenants (estate specific rules for a new build) are already taken into consideration and this is factored into choosing the right home design for the block.
Fixed price turnkey packages
When you buy a turnkey home package you’re committing to a fixed price from the outset, which means no extra surprises down the track. Particularly considering that everything you need to move in is already included!
Value for money
Turnkey homes are packaged with more inclusions, making them fantastic value for money. Not only are all inclusions chosen by our highly-qualified team of interior designers, but the benefits of choosing a volume builder mean you can take advantage of long-standing relationships with suppliers by having the discounts passed on to you.
Ready to generate return for investors
An extremely popular option among our investor purchasers, a turnkey house and land package is ready to move into upon completion, meaning there’s no delays for extra works such as a driveway. The shorter the turnaround time for your tenants to move in, the faster you can start seeing a return on your investment!
When it comes to buying a turnkey home, we have a few different options such as house and land packages, townhouses, Porter Davis Real Estate (pre-built homes ready to move into in 90 days or less!) and even displays for sale! The exact inclusions available with each of these home options will vary depending on the needs of the floorplan and the range it belongs to, but you can expect things like landscaping, flooring, fencing and site costs all included!
As mentioned previously, the majority of our turnkey homes come as a joint purchase with the block of land, so this also means you can save time shopping for a house and block separately
Like the sound of buying turnkey? There’s a few things you should keep in mind to ensure you’re selecting the right new home for you.
While all turnkey homes come with more inclusions than a traditional build, it’s still important to check with your builder what is and is not part of your package, as things like the floorplan design — for example a house or a townhouse — will determine what needs to be included.
We also recommend thinking about contract and payment structures and what will work best for you. For example, our townhouse packages prove most popular among investors and first home buyers for the simple fact that they’re structured as a 10/90 contract. This means all you pay is a 10% deposit and nothing else until settlement! For investors, you’ll be able to secure renters before even having to make a repayment, while first home buyers also have more time to save and secure finance.
Last but not least, location is key. If you are purchasing a turnkey house and land package it’s important to scope out the area and make sure it’s a right fit for you and your family. Are there major road links, school, shops and green spaces nearby? Ensuring you have access to everything you’ll need, now and in the future, will help future-proof your new home.
Like the sound of buying turnkey? Browse all our current packages via the links below!
You might also consider our PDX Range of affordable packages and home designs specifically for first home buyers.