Purchasing a turnkey investment property is often a very attractive alternative to building or buying. It offers a brand new home without all the building hassles and is usually an extremely appealing rental option to tenants.
All you have to do is ‘turn the key’ and your tenants can move in.
It should be that simple and usually it is but investors should be aware of some turnkey investment properties that are distinctly cheaper than others.
The reason you’re getting a bargain is often because turnkey investment properties are somewhat incomplete. That is, they do not include finishing touches such as painting, floor coverings and landscaping. This can cost you tens of thousands of dollars on top of the price you have already paid for the turnkey investment property and could be very time consuming to complete, therefore resulting in lost rental income.
It is always a good idea to check if the ‘turnkey investment’ includes the following in the purchase price:
- Floor coverings;
- Window treatments;
- Light fittings;
- Wardrobe fit-outs;
Turnkey housing solutions can be a great option for property investors as they can be tenanted straight away and offer tax benefits. Just make sure you are completely clear on what you are getting for the price you’re paying and always read the fine print when dealing with turnkey solutions.
If you would like to learn more about turnkey investment properties, we have a range of various options for investment properties available. Contact one of our property investments specialists, they will be happy to help.
DISCLAIMER: This information is of a general nature only and does not constitute professional advice. We strongly recommend that you seek your own professional advice in relation to your particular circumstances. Investor Assist Pty Ltd Builders Registration No. 13818. Source: RPdata.com.au