Turn Key Condition
Many sellers are not quite sure what will need to happen before they can sell their home. Should they renovate? Should they simply make minor repairs? Should they replace the furniture? Often, realtors or a Boston real estate lawyer can help you decide what will need to happen before the property is shown and what will attract the right buyers. It is rare that a renovation is the appropriate plan, but buyers often do want a home that is in good shape and that will not need significant repairs. Sellers who can present homes in turn key condition make their home more marketable and attractive to a broader range of potential homebuyers.Turn Key Condition
Often, a realtor or real estate agent provides help to homeowners who want to sell their homes. Among other things, the agent can help you figure out what needs to be done before you show the home, and they can also help you price competitively. You do not want to scare away good prospective buyers by pricing high, but of course, you also want to get a good deal. You will want to make sure that whoever works with you can market the home appropriately to secure a good deal.
In some cases, it is necessary to hire a cleaner to conduct a serious cleaning after you have removed clutter. This may be especially necessary for homeowners with pets. Often, buyers are bothered by pet odors. If your home is older, it may need to be updated with new wallpaper, paint, and carpets. Sometimes appliances must be fixed, and electrical wiring must be redone. You are better off if you get the property in turn key condition.
Turn key condition means different things in different parts of the country, but generally it is a term used to indicate to potential buyers that a home is ready for them to move into it. In other words, there are no obvious structural problems, the electricity works, and appliances like the refrigerator or oven are working. A home is not in turn key condition if it requires extensive repairs, if it requires new construction, or if the appliances are no longer working.
As a buyer, you should still get an inspection even if the home that interests you is marketed as being in "turn key condition." You should also be aware that turn key homes tend to have many competitive offers, and the price may be driven up. Sometimes greater negotiations are necessary when a home is in turn key condition. As a buyer, you should make yourself more attractive by getting a pre-approval letter and being willing to have a shorter inspection period and a higher earnest money deposit.
The buyer's home inspection may present an obstacle to getting a house sold. If a buyer is represented, a good attorney will make sure that there is a reasonable window of time within which the buyer's home inspection may be conducted. However, many buyers want the property to be in turn key condition, rather than just in decent repair. A property sale may fall apart as a result of a home inspection, so it is important for a seller to be prepared and get the property into as good a shape as possible.Discuss Your Property Transaction with a Boston Lawyer
Sellers who are well prepared and have fixed major known issues are more likely to be able to move toward closing quickly. At Pulgini & Norton, our Boston attorneys can advise homeowners on getting their homes in turn key condition and provide advice to buyers about home inspections and contingencies. Our firm handles real estate transactions in Quincy, Newton, and Cambridge, as well as other Massachusetts communities. For a consultation with a property transaction attorney, contact us online or call us at 781-843-2200.