Turnkey properties offer many advantages that property buyers may not be aware of.
A turnkey property is a fully renovated home or apartment building that you can buy and immediately rent out or live in. The term turnkey refers to the fact that when the owner purchases a home, all they have to do is turn the key to the front door and they have a finished home.
Turnkey homes are often developed by companies specializing in restoring older properties. These companies also sometimes offer property management services to buyers, minimizing the time and effort you have to put into managing the rental.
As you can imagine, there are a lot of benefits to buying a turnkey property, especially if you are buying it purely for investment purposes and you may not have time to oversee renovations and manage the administrative burdens that come from managing a tenant.
Here, we outline some key benefits of purchasing a turnkey property.
1. Convenient and time-saving.
Getting your property up to a livable standard can be very time-consuming. Newer properties would require the installation of basic fixtures, while with fixer-uppers, you would have to take the time to see what needs to be spruced and repaired.
The benefit of a turnkey property is that you are buying something already ready to move in. In most cases, no renovation is required at all so from the moment you get your keys, you can immediately rent it out to interested tenants. This saves so much time compared to fixer-uppers where you have to spend time and effort getting your property up to scratch.
Pick a turnkey property that is developed by a reputable name in the premier lifestyle property development such as Arica by E&O (Eastern and Oriental Berhad) in Andaman Island, Penang. You may find that almost no renovation will be required given that they are a brand that is known for delivering exquisite properties that prioritise comfort and meet the high expectations of their customers. The tastefully fitted and furnished units in Arica are sure to look impressive to any renters.
2. Reduced Stress and Hassle
Those of us who have overseen the renovation of a property to livable standards would know that it takes a lot of effort in terms of coordination and supervision. There is also the risk of encountering other problems, such as obtaining material supply, permit issues and disagreements on design with your interior designer (if you hire one).
A turnkey property mitigates all of that since you are no longer involved in the renovation process. When the home finally gets to you, it’s finished and ready to be lived in. In the case of Arica by E&O, you can be sure they will deliver a property that utilises the highest quality materials with the best workmanship their brand demands, making the stress and hassle that often comes with this process nonexistent to you.
3. Predictable Costs.
If you have purchased a property before, you would know that the property cost is only the start of your expenditure. There are often many additional costs that crop up, especially during the process of getting your home ready to be lived in. This can range from fluctuating material costs, unexpected debris cleaning costs and last-minute changes to the design plan.
A turnkey property ensures that you can more easily plan your finances because all renovation and furnishing costs have been factored into the property price.
4. Immediate Rental Income
You can literally start looking for a tenant when you get the keys to a turnkey property. Renovation and the planning that goes into that could sometimes delay your rental income for up to 6 months.
A turnkey property gives you the potential to start generating rental income immediately. This makes turnkey properties especially attractive to people who are buying for investment as it creates a more stable cash flow for them. If you happen to buy a turnkey property in an attractive, high-demand location like Arica, you could be looking at an opportunity to earn your rental income pretty quickly.
5. Higher Market Appeal
The other great thing about turnkey properties is just how marketable they often are. Many turnkey properties are developed in high-demand neighbourhoods, which drives up their rental demand compared to those developed in less popular areas. For example, the aforementioned Arica is developed within Gurney Green, giving it easy access to some of the best lifestyle options the island has to offer. This is incredibly attractive to renters who are looking to live within a lively enclave that gives them easy access to healthy outdoor living, exciting dining options and a vibrant nightlife.
Turnkey properties also often come with modern designs and fittings that make them very attractive to most rental hunters, especially to those who are looking for properties that are ready to move in. This in turn ensures that they have faster value appreciation than their non-turnkey counterparts and gives owners a lot of competitive advantages when renting or even selling.
If you are interested in investing in a turnkey property, why not explore the aforementioned development Arica by E&O? It is a low-density turnkey development that is located on Andaman Island. Arica follows in the footsteps of The Meg, E&O’s highly successful maiden development in Andaman.
The green-living-driven masterplan for Andaman Island features a massive 90-acre worth of green spaces, making residents feel like they are truly living out in nature.
In terms of unit offering, Arica has 2–3-bedroom units with sizes ranging from 947 sq ft (perfect for a couple or working professional) to 1,259 sq ft (perfect for a young family).
The fact that Andaman has two bridges that link it to Gurney Bay and Seri Tanjung Pinang means that residents of Arica can enjoy the best of both worlds, the breeziness and nature-loving feel of island living and have access to the conveniences and excitement of night-life, food and shopping that Gurney Bay and Gurney Drive has to offer.
The fact that it is developed by one of the leading names in the property development industry means that you are buying into the quality, design standards and lifestyle synonymous with E&O’s standards.
Ready to invest in a hassle-free investment option? Visit the Arica website now, and don’t miss out on your chance to experience convenience and comfort like never before!