The Appeal Of Turnkey Property Investments
The housing market is on the upturn but it still has its problems. Renting is, on average, 40 percent more expensive than buying a house which is bad news for anybody that doesn’t have the money to buy a house. But it’s good news for people that are looking to invest in property. There’s a lot of money to be made and more people are jumping on the bandwagon.
Turnkey properties might be a term that you’ve heard being thrown around. They’re a popular choice amongst investors at the minute, but what exactly are they? A turnkey property refers to any property that is ready to move in as soon as you buy it. People like them because you can get a tenant in right away. In some cases, there’s already a tenant living in the house when you close the sale.
Look for turnkey rental properties for sale by companies that specialize in that type of property. They will completely refurbish and decorate the houses before they put them on the market. If you want an investment that isn’t going to be too time-consuming but also lucrative at the same time, turnkey properties are the way to go. If you think it’s right for you, here are some helpful tips of choosing and buying one.
Don’t Neglect Research
Most investors know that they need to do extensive research on a property before they buy one. Checking whether all of the gas and electrics are safe and in good working order, making sure that there aren’t any structural problems etc. But when it comes to researching a turnkey property investments, some investors get complacent. They think that, because everything is ready beforehand and the house looks great, they don’t need to worry about doing their research. That’s a fatal mistake.
Problems can be easily covered so they might still be there even though the house looks great. You also need to look into the area that the house is in, if it’s in a bad neighborhood you won’t be able to find tenants easily.
Choose Your Real Estate Company Wisely
When you buy a standard property you’ll be dealing with all of the set up yourself but with a turn key property investments, you’ll be handling all of that over to the company that you buy from. You’re putting a lot of trust in them so you need to make sure that they’re the right people. The first thing to check is how much experience they have, and ask to see some of their existing properties so you can check whether any of their other properties have any major problems. If they’re unwilling to do that, maybe they’ve got something to hide.
Ask them how long it usually takes them to find tenants as well. If they have houses empty for a long time then that’s a bad sign. You’re not making any money on an empty house.
Turnkey property investments are the best choice for anybody that wants a very quick turnaround on their investment.