Turnkey projects: understand the difference
A turnkey or turnkey project is a project that is sold to the buyer upon completion. Such projects are ready to use and the buyer can have full control over the functionality of the project at the time it is completed. The term turnkey basically refers to a newly built home ready to be used immediately by the client. Turnkey project is a project based on a contract under which a company agrees to design, build and fully equip the business or home and sell the project to the buyer in full operation.
Such contracts and projects provide their clients with ready-to-use, fully developed and tested businesses or homes. This is the factor that is highly appreciated by the client that when they purchase the project it is fully functional and there is no need for any kind of struggle on the part of the client. Since these projects are thorough and comprehensive, they require links and resources that a company sometimes cannot afford. Therefore, companies often hire an external contractor or partner to distribute the workload in order to maintain business integrity and continue business as usual while running the project in parallel. The turnkey projects contractor requires and subcontractors for several different things to ensure the functionality of the projects in general. Therefore, a senior consultant or supervisor is usually assigned to maintain and monitor the work and procedures of the subcontractors.
Turnkey projects are generally successful at a rapid rate as turnaround on such projects is fast and there are minimal delays on these projects. Once completed, these projects can be sold as turnkey projects to high profit clients. The advantages of such projects is twofold; one that these projects are good for business and two that customers can get their hands on businesses established and ready to go. An example of a turnkey project is the turnkey housing project. In this type of project, companies build homes from the framing of the structure to the finishing of the interior. Some of the projects go as far as furnishing and providing equipment to cabinets and carpeting. These types of projects are beneficial for the company as they generate profit and are also good for clients who get move-in ready furnished houses.
There are numerous different companies that can run these types of projects often. These companies guarantee excellent facilities. Often turnkey projects, such as turnkey houses, have many different add-on facilities, such as a community with amenities such as a gym, market, and other public services. A company that has a good reputation and a name in the market is the best to choose and the ideal to invest.