When looking to buy a new home, you will likely find a wide range of options available from builders and real estate agents. On your search, you may come across the terms ‘fixed price’ and ‘turn-key’. But what and how do these two mean and differ?
To define, turn-key means that once your new home is completed, you can turn the key and start living. In short, the build price of a turn-key home encompasses everything a home should have when the purchase is made. This is in contrast with a not-turn-key home that comes with separate additional costs for the extra inclusions. Thus, along with purchasing a new turn-key home, the builder will provide you with a full encouraging list of inclusions for that package, such as:
- Landscaping & Fencing
- Turf & Letterbox
- Driveway & Paths
- Blinds to windows & Sliding Doors
- Fly/Security Screens
- Air Conditioning
- Kitchen Appliances + Dishwasher
- Bedroom Fans
- Carpet /Tiles throughout the home
Meanwhile, a fixed price contract simply means that you as a client and the builder agree to a set price for contracted services at the onset of a project. This only means your new home’s purchase price will include everything in your contract. This then will give you an assurance that you will not face any unexpected build or site costs that may occur during construction, as the builder will be the one who will shoulder these costs.
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