2021 is ending and 2022 is bringing a whole new set of housing trends with it. The market is fluctuating and people are seeking new homes that offer a more laidback lifestyle. As a result, we are seeing an increasing trend in turnkey home demand. In other words, home buyers are seeking the convenience of fully furnished, designer-curated apartments, condominiums, and townhomes. Especially as a result of the shipping crisis, avoiding stores and lack of inventory is top-of-mind for homebuyers. The ease of purchasing your new home and moving right in is the easiest option. Read on to learn more about the benefits and risks of purchasing a turnkey home in New Jersey.
What is a turnkey home?
A turnkey home offers the convenience of a fully furnished, designer-curated property. In other words, it is a move-in ready home that doesn’t require any major repairs or improvements before it is livable. The specific definition does vary from location to location. In some circumstances, the term turnkey describes a newly renovated property that doesn’t even need a fresh coat of paint. In other cases, the word can refer to a home that is also fully furnished. Before you purchase a turnkey home, it is important that you ask for a tour of the property. Ask the manager what “turnkey” means to them and if you can expect furnishings to come along with the property.
What are the pros and cons of buying a turnkey home?
There are many benefits and only a few subtle risks to purchasing a turnkey property. If you are someone who is looking to design the entirety of your home, from carpet color to wall paint to furniture style, then turnkey may not be right for you. However, for many people who want a faster, more efficient moving process, it offers many benefits. Some of those benefits include the following.
- If purchasing a second home, the idea of furnishing a whole other property is overwhelming and costly. Instead, with turnkey, you can just move in and start enjoying it immediately.
- For people who are downsizing, often their current home features more traditional furnishings. These furnishings may not work in this type of new modern building. Turnkey allows them to move into a beautifully appointed home without any hassle.
- For condominium owners who are looking to rent out their units as a second source of income, turnkey has a benefit. These buyers often like to rent the property out “furnished” as they can increase their lease payments.
- Finally, as we mentioned, there is a shipping crisis as a result of the Covid-19 pandemic. When you buy a turnkey home, you avoid long delays in receiving the furniture. It is also safer than going out to stores and shopping amid a Pandemic. Finally, it takes the leg-work out of moving and designing.
The only conceivable “con” of purchasing a pre-furnished home is that you do not get to choose the style of the furnishings yourself. If you are excited about the opportunity to build your own space and personalize it, look for other opportunities to purchase a luxury condominium in New Jersey.
What to look for in a turnkey property?
Even if you can afford a turnkey home, they’re not always what they seem. You have to make sure to perform your due diligence to guarantee all the benefits mentioned above. While a quick glance around the unit may show a brand new space, take time to examine the details. Make sure that the previous owner or flipping company did not cut corners during the property’s renovation.
If you’re touring a turnkey home, confirm that all the appliances and plumbing are fully functional. Additionally, inquire about the quality of the new paint and furnishings. Finally, the most important piece of confirming you’ve found your new property is to have it inspected. Invite an inspector to survey the home to look at foundational, structural, and electrical issues. These are difficult to identify if you are an average homeowner. However, an inspector can pinpoint any potential home problems.
Pier Village in Long Branch, NJ: Luxury Condo Living
At some condo complexes, time and time again, you get simple spaces with regular amenities. Thankfully, that’s not the case at The Lofts Pier Village. At these luxury condominiums in Monmouth County, NJ, services and indoor and outdoor amenities abound. Additionally, due to high demand, we have introduced a new “Turn-Key Collection” of units. This includes turnkey homes that are select units that come fully furnished. The furnishing is included in the purchase price. In the lofts themselves and throughout the property, no matter how long you live at Pier Village, you’ll never tire of exploring your options. In other words, The Lofts Pier Village offers an all-inclusive, resort-inspired life. To learn more about the amenities at our property, contact us today!