The difference between turnkey, ready built & completed homes

Just like in any industry, building terms can be confusing for someone who doesn't work in the field. Particularly tricky are the terms: 

• Turnkey
• Ready Built
• Completed

That’s because different builders use these terms in a variety of ways, especially when you compare across countries. Even within Australia, what one builder considers a standard inclusion in a turnkey home might cost extra with another company.

It’s worth a moment to reflect on the benefits of ALL of these ways of choosing a new home. 

• You’re buying a brand new home that needs no renovations so is awaiting the addition of your personal touch through furnishings.
• Quality choices of design, fixtures and fittings have been made for you, saving hours of research and the agony of decisions.
• Each of these options come with more straightforward contracts and finance, something that will be appreciated by you and your bank.

Let’s now look at each term in turn (try saying ‘term in turn’ five times quickly!) then summarise the overlaps and differences. 

Turnkey

The term ‘turnkey’ is a cute way of summing up the situation of when a house is ready for you to turn the key in the front door and move on in. However, that front door will only start to be built once you’ve signed a contract. 

Turnkey Pros and Cons

Pros of turnkey homes: You’ll have more options of the exact site of your home.

Cons of turnkey homes: You’ll need to wait between signing the contract and when your home is built. 

Ready Built

A Ready Built home is exactly what the name suggests: a home that’s already (or very nearly) fully built and is ready to move into. We’ve already chosen an ideal floor plan and facade for the block, then added in classic contemporary design features, saving you the stress of making dozens of decisions. 

Ready Built houses are waiting for you to choose your ideal home. And, because they’re either already built or will be finished in the next couple of months, move-in day can happen far sooner than other newly built home options.

Ready Built Pros and Cons

Pros of Ready Built homes: There’s no need to delay moving into your new home as it’s either already, or very nearly, built.

Cons of Ready Built Homes:  As ready built homes are already built, there will be a limited number of options to choose from at any one point in time.

Completed Homes

The term ‘Completed Home’ is simply another way of saying ‘Ready Built’.  So, this one’s an easy one - simply refer to the section immediately above, which outlines how these homes are not only already designed and planned but constructed.  

Completed Pros and Cons

Pros of Completed Homes: Just like for Ready Built, Completed Homes are available to consider, view and choose whenever you’re ready to buy.

Cons of Completed Homes: Just like for Ready Built, supply and demand will determine how many Completed Homes are available for your consideration at any one time.

In summary

Let’s refresh the similarities and differences between these three new home building styles. 

One way to simplify the three categories is to combine two, as Ready Built and Completed mean the same thing. With both, construction is already complete (or, at least, well underway) even before a buyer has chosen it as their home. So, in essence, you have access to a completely built home that’s ready to move into as soon as you are. 

Then, the most significant difference between these two and a turnkey home is the timing, because a turnkey home only commences construction once you’ve signed a contract.  

Turning the focus to you

Which option is right for you? This will depend on where you’re up to in your home-planning journey. Have you got a deposit saved and your finances organised? (See our Ready Built Buyer's Guide) If so, you can look at either Ready Built / Completed Homes or turnkey Homes. 

Need mortgage advice? Book an appointment with our finance partner at Mortgage Advice Bureau.

It will also depend on how specific you would like to be in terms of the specific location of your home, as this will influence whether you’re open to homes already built or not.

Why choose Rawson Homes?

With over 45 years of building homes, Rawson Homes are experts in knowing what new home-owners love. Our range of floor plans, facades and interiors appeal to everyone from couples to growing families and beyond. 

We understand how significant every new house is for home-owners. We know that choosing a Ready Built or turnkey home can help make the process straightforward and transparent. After all, we want you to look forward with confidence to your moving day.

So, if you’re looking for a new home, please reach out to say hello today.

FAQs

Which approach is faster, turnkey or ready built?

A Ready Built (or ‘Completed’) home is already constructed by the time you look at it. So, you’ll be able to move into a Ready Built home far sooner than a turnkey home, which starts construction only after you’ve signed a contract.

How to choose the best turnkey design-build company?

A new home is a big decision, so it’s important you can trust the company you choose. When considering different builders, look to their years of experience as well as the floorplans and other inclusions they offer. 

What is a disadvantage of a turnkey project?

Compared with a Ready Built home, the construction of a turnkey house doesn’t start until a specific buyer signs a contract. So, you will need to wait for the building process to happen before you get to move in.