What does the term/phrase Turn Key (Turnkey, Turn-key) mean on a home/house listing or in business and technology?

General:
Turn key refers to something that is ready for immediate consumption. Generally used in the sale or supply of goods or services.

Turn key means it is the entire package and all you have to do is move in, or turn the key to start the business. Turn key will be more expensive than the other options where you have to do part of it yourself.

Home:
A turn key home is a type of home that is constructed by a developer and sold or turned over to a buyer in a ready-to-use condition. If a contractor builds a “turnkey home” they frame the structure and finish the interior. Everything is finished, even the cabinets and carpet. Turnkey is commonly used in the construction industry, for instance, in which it refers to the bundling of materials and labor by sub-contractors.

Investment properties that are already rented with property management in place are called turn key properties. Turn key usually refers to a home which includes furnishings plus bedding and towels, dishes, cookware all the things a homeowner would typically use on a daily basis. Basically, the buyer can just “turn-the-key” in the front door, and move right in.

Turn key properties are especially appealing for second homes and rental properties, where the new owners do not intend to move furnishings and personal items from one home to another. For vacation properties, many new owners love the convenience of not having to worry about finding, purchasing and setting up a part-time residence. Turn key properties are ready to use and enjoy immediately.

Vehicle:
Turnkey is also often used in describing vehicles to explain a car process in being sold with drive-train (ie: with the engine and transmission). In contrast, the opposite would be a vehicle sold without a drive-train so that the vehicle can be used for parts or other non-driving purposes.

Business:
Turn key can be used to advertise the sale of an established business, including all the equipment necessary to run it, or by a business-to-business supplier providing complete packages for business start-up. Typically, in business, this term means that you can own this business just by taking over the payments/lease that is already in place. A reason for this would be that the owner needs to leave it behind because they can’t afford it anymore and are losing it anyway.

Technology:
Turn key is also often used in the technology industry, commonly to describe pre-built computer “package” in which everything needed to perform a certain type of task is put together by the supplier and sold as a packet/bundle. Commonly seen is a computer with preinstalled software, different types of hardware and accessories.

Other use:
Turn key is also the name given to a civilian or Police officer working in a Scottish police office whose duties are to assist in looking after prisoners and detainees. The proper name for a civilian turnkey is PCSO (Police custody and security officer)

Synonyms:
“Move right in”
“Ready to go”
“Ready to eat”
“Ready to use”
“Use right out of the box.”
“Completely finished”