The test
Could a property manager photograph the home, list it and hand keys to a tenant without you spending another dollar? If so, it is turnkey. If you would first need to order blinds, lay turf or put up a fence, it is not, whatever the brochure says.
Outside
- Driveway, crossover and paths.
- Fencing to every boundary, with gates.
- Front and rear landscaping, including turf or finished garden beds.
- Letterbox and clothesline.
- External taps and any required termite protection.
Inside
- Floor coverings throughout.
- Window coverings on every window and sliding door.
- Flyscreens on opening windows, and screens on sliding doors.
- Light fittings in every room.
- Heating and cooling.
- Kitchen appliances: oven, cooktop, rangehood and dishwasher.
- Built in wardrobes with shelving and hanging rails.
- Mirrors, towel rails and shower screens.
- Television antenna and data points.
Site and services
- Site costs, including any work required by the soil test or the slope of the block.
- Connection of power, water and sewer, gas where it is available, and the internet lead in.
- Anything the estate or the council requires, such as recycled water connections or a bushfire rating.
- A final clean.
What is most often quietly left out
- Window coverings.
- Fencing, or all but a share of it.
- Landscaping at the rear.
- Flyscreens.
- The dishwasher.
- Cooling or heating beyond the living area.
- The driveway crossover.
Words to watch for
- Provisional sum or prime cost. An allowance, not a fixed price. If the real cost is higher, you pay the difference.
- Site costs described as an estimate.
- Standard inclusions, when the display home you walked through was fitted with upgrades.
- A price that begins with the word from.
Why it matters to an investor
Every missing item is cash you have to find after the loan is fully drawn, and every week spent arranging it is a week without rent. A complete inclusions list also means a complete depreciation schedule, which we explain in depreciation on a brand new build.
The packages we put forward are specified to be leasable at handover, and we check the inclusions list against that standard before it reaches you.