When you’re shopping for a house, you may run across the term “turnkey home” and wonder what it means. If a home is turnkey, it means that the property is in great condition and does not need any additional work or repairs to be ready to live in. All you have to do after you buy the house is turn the key in the front door.

Buying a turnkey home is appealing to both potential homeowners and investors because it lets you avoid the effort of repairing or rehabbing a property. However, turnkey homes can be pricier than properties that need a bit of work, so it’s important to consider the pros and cons.