Like so many other real estate terms (ahem, mint condition and cozy), turnkey is relative. Turnkey solutions, or turnkey services, are ready-to-use software solutions that can be implemented by companies when needed. (of a property or a piece of equipment) ready to be used immediately by the person who is buying. Turnkey contract is typically a construction contract under which a contractor is employed to plan, design and build a project or an infrastructure and do any other necessary development to make it functional or ready to use at an agreed price and by a fixed date. A franchisor might mean by turnkey that inventory, systems and marketing all are provided in a start up package that will be delivered to you. Common gaps in homes as advertised as Turnkey. Turnkey construction is a building solution that drastically simplifies things for the owner of the future project. Once in a while, turnkey can likewise imply that the house is now involved by a certified occupant paying their month to month lease. turnkey: 1) Turnkey is a product or service that is designed, supplied, built, or installed fully complete and ready to operate. The phrase "turnkey business" refers to a business that requires little-to-no effort to open. With respect to electronics, turnkey usually means that the TVs and stereos are included (at the very least, TV mounts will remain). But what do those terms really mean? turnkey: 1) Turnkey is a product or service that is designed, supplied, built, or installed fully complete and ready to operate. Many landlords promise prospective tenants a turnkey buildout, meaning the tenant will show up on the date its lease commences, turn the key and walk into finished space. Essentially, the turnkey definition in real estate is a home ready to move into with any significant changes. Turnkey definition, a person who has charge of the keys of a prison; jailer. A turnkey property is a home that is move-in ready and prepared for an investor to buy and rent out to a resident. The word turnkey in real estate means that the property is ready to move into, with appliances in working condition and no obvious structural or electrical issues. It also often means sound systems are included. Webster Dictionary (3.00 / 1 vote) Rate this definition: Turnkey noun. In theory, turnkey means that you should be able to just turn the key and move right in. Watch out for these issues when shopping for your new home. Turn-key properties are homes that are move-in ready, meaning appliances are in working condition and there are no obvious structural or electrical issues with the home. Either way, its best to consult at length with a reputable contractor in Indiana before you break ground. Sometimes, turnkey can also mean that the house is already occupied by a qualified tenant paying their monthly rent. A turnkey rental is a real estate investors dream. Hence you can turn the key in the lock and move right in. Turnkey definition, a person who has charge of the keys of a prison; jailer. Turnkey Cost: Costs and expenditures that must be covered before a product or service is ready to be sold and used. Turnkey solutions are common in international shipping. Turnkey as a adjective means Supplied, installed, or purchased in a condition ready for immediate use, occupation, or operation.. In terms of buying or renting properties, turnkey service means more than just the typical home staging. Obviously, the company responsible for building a turnkey project does it for the cost as agreed in the contract. The scope of the definition turnkey is all-encompassing. The word turnkey, is relative, so you will need to keep the idea subjective in your mind. The word is a reference to the fact that the customer, upon receiving the product, just needs to turn the ignition key to make it operational, or that the key just needs to be turned over to the customer. c9pilot. Turnkey is ready to use, but not necessarily available from stock or off-the-shelf. Bespoke is the opposite to off-the-shelf. To me the key meaning of turnkey was always the completeness of the solution, not the immediacy of availability. A turnkey home may be furnished, but it doesn't have to be. Common usage. The STANDS4 Network Etymology: From turn + key. In practice, its not quite so simple. It should mean that everything is there, delivered, and ready for you to install and put the key in the ignition and start driving, but it doesnt always mean that in the real world. A turnkey listing, regarding commercial real estate, is a commercial space that is mostly or wholly prepared for occupancy. Generally, turnkey should mean that everything in the house is new, rehabbed, or otherwise excellent condition with no visible signs of wear, If youre looking for an easy source of passive income, turn key homes can be a great opportunity to earn returns without much effort. A turnkey house is one that is purchased at a fixed price and when completed is move-in ready with no additional inclusions or costs required. Meaning of turnkey. See more. Information and translations of turnkey in the most comprehensive dictionary definitions resource on the web. 10 years ago. The term implies that the end user just has to turn a key and Turnkey homes are available all across the country, but that doesnt mean every opportunity will yield the same returns. A turnkey cost may be a direct cost , This immediate usability makes it attractive to investors regardless of its mixed use or completely commercial use. Turnkey delivery typically means the development and delivery of a facility ready-for-use by the occupants. What does the term turnkey mean in construction? The meaning of TURNKEY is built, supplied, or installed complete and ready to operate; also : of or relating to a turnkey building or installation. Find out inside PCMag's comprehensive tech and computer-related encyclopedia. Answer (1 of 6): "Turnkey" inland implies that the property is prepared to move into. Learn more. In terms of software, these solutions require little-to-no customization and provide solutions for software projects. What does turnkey system actually mean? Login . Turnkey Manufacuring What it is. There are no obvious structural or electrical issues, nor any renovations or updates still needing to be completed. The term turnkey is one word thats crucial to understand, especially because it can have a few different definitions. The term turnkey gives the implication that the end user essentially turns a key and starts to use the product or service. A turnkey property is ready to move into immediately. This means that many or all features of the space are in place and in working order. "Turnkey" is a term usually used for businesses or services - meaning that it includes the real estate, business furnishings and inventory - you simply "turn the key" and you're in business. I Have Pipe Corrosion. Pros of Buying a Turn Key Home. It is understood that exclusions are personal property items such as clothing, photographs, trophies, and books. When a builder is using the word allowance, it means that only a certain amount of money has been allocated to that item. It does typically mean that you won't have to paint, repair, or renovate to make it livable. The term implies that the end user just has to turn a key and start using the product or service. There are no obvious structural or electrical issues, nor any renovations or updates still needing to be completed. More often than not, the amount included in the allowance is not enough to actually cover that cost. In most cases, it is one of the more desirable ways to effect a solution, but may not be an option regularly. Turnkey is basically a service that is installed or supplied completely and is ready to operate as intended. A turnkey property is a home that is move-in ready and prepared for an investor to buy and rent out to a resident. A successful turnkey strategy starts with finding properties that are in the most profitable markets. It does not require any repairs or improvements and is completely move-in or rental ready. See more. They then source all the parts, get other parts modified or made, etc. Ultimately, turnkey means move-in ready, but what that looks like can vary. Define turnkey. "Turnkey" means that you only provide documentation to someone else to build something. Its the exact opposite of a home sold as-is. Turnkey Solution: A turnkey solution is a type of system built end-to-end for a customer that can be easily implemented into a current A successful turnkey strategy starts with finding properties that are in the most profitable markets. To help you grasp this common term and become savvy in real estate, weve laid it What does turnkey mean? Roof damage. A turnkey solution is a solution that can easily be implemented based on the resources already at the disposal of a company or individual. Turnkey contract. It is handed over to a buyer when it becomes ready to operate business. Electronic manufacturing services companies that claim to offer turnkey solutions should have any and all capabilities For example, is it a turnkey brewery or a turnkey brew house? 5. Turnkey Business: A turnkey business is a business that is ready to use, existing in a condition that allows for immediate operation. turn-key job: [noun] a job or contract in which the contractor agrees to complete the work of building and installation to the point of readiness for operation or occupancy. Exterior damage. If you go over the allowance, you pay more. Turnkey refers to something that is ready for immediate use, generally used in the sale or supply of goods or services. The general definition for turnkey, according to Investopedia, is a product or service that is designed, supplied, built, or installed fully complete and ready to operate; the contractor or provider undertakes the entire responsibility from design through completion and commissioning. For some listings, it means that there are no major repairs required. All the buyer needs to do is turn the key and move right in. A turn key home, by definition, makes the home move-in ready. Turnkey homes are available all across the country, but that doesnt mean every opportunity will yield the same returns. A turnkey home might be off-the-plan, ready built, constructed on land you already own, or built as part of a house and land package. Instead of having the hassle of buying, fixing up, renting and managing a rental property, a turnkey rental practically takes care of itself. Heating or cooling system failure. What is turnkey real estate? Basically you send them specs and money and they send you fully built units. Synonyms for turnkeys include wardens, guards, prison guards, correctional officers, corrections officers, jailers, warders, gaolers, screws and prison officers. Find more similar words at wordhippo.com! They might mean that theres a good deal of work involved ahead of time, but that once youre set up your business will go smoothly. Just remember, either way youre going to get the results you want! Most real estate listings will say if a home comes furnished or not. In most cases, it is one of the more desirable ways to effect a solution, but may not be an option regularly. The term "turnkey" is A turnkey property is a property that is ready for someone to move into immediately following construction without any extra work or time required. Turnkey refers to something ready for immediate use. The term implies that the end user just has to turn a key and start using the product or service. The terms turnkey and full-service get tossed around a lot in our industry these days. There are no fixes or overhauls What Does Turnkey Mean? Turnkey as a adjective means Supplied, installed, or purchased in a condition ready for immediate use, occupation, or operation.. A turnkey solution is a solution that can easily be implemented based on the resources already at the disposal of a company or individual. Define turnkey. turnkeys (English) Noun turnkeys Plural of turnkey Verb turnkring (Dutch) Origin & history from Dutch turn + kring turno (Italian) Noun turno (masc.) turn shift duty, turnoff (English) Noun turnoff (pl. turnoffs) A road or path turnoffs (English) Noun turnoffs Plural of turnoff Anagrams Note that this doesn't really apply to PCB fabrication. The reality is the phrase turnkey means different things to different people. I've seen it used in residential where it doesn't mean anything - same as "ready to move in" as opposed to "fixer-upper". turnkey definition: 1. Structural breakdown. Unlike fixer-uppers, there isnt a need for renovations and updates before the home is livable. The difference between design-build and turnkey construction comes down to how intimately involved in the building process you want to be. Plumbing problems. What does turnkey system actually mean? Turnkey solutions are common in international shipping. A turnkey property is a potential income-producing property because it has already been fully renovated and can be put on rent for a passive income. Turnkey property does not typically mean furnished, but some turnkey properties might be furnished.It typically says in the property description whether it is furnished or not. Turn-key is a term used by real estate agents to indicate that a home is move-in ready. This means that all appliances are in working condition and there are no obvious structural or electrical issues with the home. However, this doesn't mean that an inspection is unnecessary if you decide to make an offer on a home marketed in turn-key condition. Your real estate agent may be able to negotiate whether the furnishings are added to the sales contract. If you are touring a turnkey property and fall in love with the furnishings and the property, however, talk to your real estate agent. Removing the worry or hassle from the building owner, a turnkey developer handles the responsibilities that would fall on the owner in traditional Design-Bid-Build (DBB) delivery. A business model (hopefully a successful model) is already in place, and the products and services have been defined, so the startup phase is complete. The simplest way to define those terms is the ability to take a product from a rough concept to a finished good ready to be distributed to the consumer market. Turnkey Business is a term given to a situation in which the top management of the firm plans and executes all the business strategies and policies that result in profiting of the company and that outside individuals will buy the franchise or the business and start or turn the key to begin the operations for the main company. How to use turnkey in a sentence. Find out inside PCMag's comprehensive tech and computer-related encyclopedia. PCB assembly services that offer full turnkey solutions will make certain that your product does what you said it should. A turnkey project is one which is designed, developed and equipped with all facilities by a company under a contract.