PsychologyAugust 9, 2026

turnkey

TURN-kee

Definition

Refers to a property or product that is ready for immediate use or occupancy without requiring any additional work or renovations.

Etymology

The term originates from the idea of a key that can be turned in a lock to open a finished product; it was historically used in construction to describe a contract where a builder delivered a completed building.

In the news

In the context of real estate financing, the term describes homes that are fully prepared for a buyer to move into immediately, often commanding higher property values.

Mortgage Rates Today, August 9, 2026: 30-Year Refinance Rate Rises by 10 Basis Points

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noradarealestate.com

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