Turnkey properties are homes that are sold move-in ready. The property isn’t in need of any renovations or upgrading, and comes with all kitchen electrical appliances (refrigerator, oven, burner, and microwave), air-conditioners, light bulbs, and closets included. Some turnkey properties even come with bed covers, bathroom towels, and bathroom supplies for the first week.
In Israel, turnkey apartments are very uncommon. Most sellers in Israel take everything with them when they sell their apartment; by everything, I mean anything that is not part of the wall, floor or ceiling. However, recently some Tel Aviv sellers have realized that this “leave nothing” norm is causing them to lose potential buyers, and have consequently reevaluated.
There are two main types of sellers who have started selling turnkey properties in Israel:
1. Sellers trying to attract investors who are looking to buy the property and rent it out quickly and profitably. These turnkey properties are most likely to be found in popular Tel Aviv neighborhoods near Rabin Square, Dizengoff Street, Ben Yehuda Street, and any area very close to the beach.
2. Sellers that are leaving their property to upgrade to a newer property, and want to buy new kitchen appliances and furniture for their new home, or sellers that realize hiring movers to move their belongs is not worth the cost and headache (especially when they can sell everything and raise the price of their property).
It is important to determine why an apartment is a turnkey; often it may raise the price unreasonably. A good broker should know how to help their sellers price their turnkey properties accordingly, and how to help buyers looking for turnkey properties look for fair deals.