When talking about construction and development projects, you might have heard the term ‘turnkey’. But, what does it really mean?
In this article, we will explain what a turnkey project is, its advantages, the stages involved, the professionals who participate, and how it differs from a fixed-price contract.
Let’s get started!
What is a Turnkey Project?
A turnkey project is a contracting approach in which a client hires a team of professionals to carry out a project from start to finish, comprehensively and without the client having to worry about managing every detail.
In other words, the client receives the project ‘turnkey’, ready for use or operation, without the need to intervene in the execution of the tasks.
So, when you hear someone looking for a ‘turnkey house construction project’ service, that person wants everything to be taken care of.
Advantages of Opting for a Turnkey Project
Opting for a turnkey project offers a number of notable advantages:
- Simplification: The main advantage is the simplification of the process for the client, as the team of professionals handles all phases of the project.
- Time Savings: Project execution is accelerated, as ongoing coordination by the client is not required.
- Cost Control: By having a fixed price agreed upon in advance, the client has greater control over total costs.
- Less Stress: Clients can enjoy a less stressful process, as professionals take care of the challenges and obstacles.
Stages of a Turnkey Project
A turnkey project generally goes through the following stages:
- Initial Planning: In this phase, project objectives are defined, an action plan is developed, and an initial budget is established.
- Design and Development: The team of professionals begins working on the design and development of the project, creating plans, specifications, and other necessary documents.
- Contracting and Construction: the project’s construction is carried out, with the management of contractors and subcontractors handled by the team.
- Testing and Delivery: Testing and quality control are performed, and the project is delivered to the client once it is confirmed to be ready for use.
Professionals Involved in a Turnkey Project
In a turnkey project, several key professionals are involved, including:
- Architects and Engineers: responsible for the design and development of the project.
- Contractors and Subcontractors: responsible for the construction and execution of tasks.
- Project Managers: Coordinate all activities and ensure the project is completed as planned.
Difference between Fixed Price and Turnkey
It’s important to note that a turnkey project differs from a fixed-price contract in that, with the former, the client not only receives the completed project, but is also responsible for its planning, design, and management.
In a fixed-price contract, the client assumes greater responsibility and risk in the execution of the project.
Conclusion
A turnkey project is an attractive option for those who want to simplify the construction or development process by allowing a team of professionals to carry out all phases of the project comprehensively.
This can save time, reduce stress, and provide greater cost control.
By understanding the advantages and steps involved, you can decide if this option is right for your next project.
And now that you know what a turnkey project is, what are you waiting for to contact us and make your dream a reality?
