Not sure what a turnkey house and land package is?
Not sure what a turnkey house and land package is? Don’t worry. Find out what it means, what you should expect and a few things you should consider to help you find just the right package for you.
When you’re building a new home, you’re likely to come across turnkey house and land packages. These are a type of house and land package in which your brand new home is move-in ready when complete. All you have to do is turn the key in the lock and move right in.
As with any real estate opportunity, there are a few pros and cons to consider before jumping in:
- You can move into your new home straight away, without any additional work required.
- Pricing covers the whole package — there won’t be any additional costs or financial surprises.
- Great option for busy professionals or families.
- Great investment opportunities as they don’t require any additional work.
- There is limited scope for customisation.
- Inclusions differ depending on what builder you’re working with.
If you decide to go with a turnkey package, there are a few things you should look out for to ensure you’re buying the right property for you:
1. Choose the right developer
Your relationship with your developer has to be positive and transparent. This will help ensure a smooth process from start to finish, and ultimately your satisfaction with your new home.
Make sure you do your research to choose the right developer. Think about things like what type of home you want and where you want to build. This will help you narrow down potential developers so you can more easily compare your options.
2. Find the right location
You’ve probably heard it a thousand times: real estate is all about location, location, location! There’s a reason why so many experts and non-experts harp on about it — it’s pretty important. The right location can make or break a quality home. It ultimately decides your lifestyle.
Start off by thinking about what type of lifestyle you’re looking for. Do you like peace and quiet? Do you need to be close to the CBD?
Next, look into the local infrastructure. Depending on your needs, you want to make sure you have easy access to such amenities as:
- groceries and shopping
- schools and daycare centres
- public transport
It’s also important to consider your professional requirements. Is there a commute? If so, how far is it and how long will it take? What is peak-hour traffic like?
3.What’s included in your package?
You will work with a property developer to choose your desired home from a selection of house types, with set floorplans and a list of inclusions. While specific inclusions will depend on the builder you choose, some common inclusions are:
- sitework costs such as connection to electricity, water and sewage
- internal paint
- floor coverings
- window coverings such as shades or blinds.
It’s important to review all inclusions when buying a turnkey package, as they will differ from developer to developer. For example, some may include things like external landscaping and paving, while others will not. If you find that key items are not included in your turnkey package, discuss your options with your property developer. Upgrades are commonly available.
4.Don’t be afraid to ask questions
While turnkey packages are designed to simplify the buying and building process, there are still a lot of things to consider. If you have questions at any step of the way, don’t be afraid to speak up!
It’s important that you understand all aspects of the buying process, your contract, and what the end product is going to be. Ensuring that you and your developer are all on the same page, with the same goals, will help ensure there are no surprises along the way.
Most developers are all too happy to help with any questions that you might have. If they’re not, consider this a red flag. It’s better to know this at the start of the process so you can rethink your options if you need to.