Turnkey Condition
Move-in ready — no repairs or updating needed. Turnkey properties command premiums from buyers who cannot or will not renovate, a spread that widens when financing rules penalize condition issues.
Related Terms
Renovation
The updating or restoration of improvements — kitchens, baths, systems, finishes.
Deferred Maintenance
Postponed repairs and upkeep — worn roofs, peeling paint, broken systems.
Market Value
The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus..
More in Property Characteristics
View allGross Living Area (GLA)
GLAThe total finished, above-grade living area of a residential property, measured in square feet.
Gross Building Area (GBA)
GBAThe total area of a building measured from the exterior walls, including all finished and unfinished, above-grade and below-grade spaces.
Below-Grade Area
Any portion of a building that is below the ground level on any side.
ANSI Z765 Measurement Standards
ANSIThe American National Standards Institute standard for measuring residential floor area.