Turn-key
A property in move-in ready condition, no work needed. In investing, sometimes used for rentals sold already leased with a property manager in place.
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Where this comes up: getting ready
Part 1 of 4
Why a seller cares
Turn-key means a buyer can move in without doing anything, and it is the condition that draws the widest set of buyers at the strongest price. Whether your home is turn-key is a question the photos answer before the listing does.
Part 2 of 4
A simple example
Fresh paint, a new roof, updated kitchen and baths, clean carpets. The listing says turn-key and the offers arrive from buyers who wanted exactly that.
| The home's condition | Who tends to buy it |
|---|---|
| Turn-key | The widest set of buyers, including those with no money left after the down payment |
| Dated but sound | Buyers who can see past finishes, at a discount for doing so |
| Needs work | Investors and the patient |
Turn-key is a promise about the first month. Buyers pay for not having to keep it themselves.
Part 3 of 4
What people get wrong
That new is turn-key. A ten-year-old home kept well is turn-key; a new one with a punch list is not.
Part 4 of 4 · where to read next
Where it appears in the sale
What a definition is, and what it isn't
Keighbor is a software company, not a law firm, brokerage, or tax adviser. This is general information, not legal, tax, financial, or real estate advice about your sale. Your situation may differ. Before acting on a contract, disclosure, title, tax, or pricing question, ask an appropriately licensed professional in your state.
Written and researched by Keighbor Research · drawn from the reference glossary · how we research and check what we publish
In your Room, this word explains itself where it appears.
Your Room defines turn-key in the step you meet it in, beside the document or the date it belongs to. Free to set up, with an agent or on your own.
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