A townhome unit or spec home turnover is exactly as it sounds. It is the process of turning over control of the asset from the developer to the homeowners or unit purchasers. The transition from developer to owner is a critical component in the build process because it marks a change in the structure of ownership. Once control transfers and the keys are handed over, owners will then be responsible for maintaining the project instead of the developer. Both the developer and homeowners will, of course, want a fast and seamless transition. But, you may run into minor glitches here and there when your interests as a homeowner don’t align with the developer’s interests or when your interests as a developer don’t align with the homeowners. After all, developers are mainly interested in making a profit and homeowners are mainly interested in getting what they paid for. Even though both parties want the quickest route to the end result, it is imperative to ensure that the project turnover process goes as smoothly as possible. That means going over everything from functions and features to utility supplies, cut offs, and warranty processes. One of the most time consuming events a developer can face is the transition of the unit from the developer of the community to the homeowners of the community. However, many homeowners and purchasers may be unaware of what the process of turnover entails, or even what turnover of the community really means. Our professional teams provide valuable guidance and support to developers and their partners, such as architects, engineers, attorneys, sales, and marketing teams. We understand industry best practices, as well as the complex design, operational, and legal challenges faced by developing properties in our local markets. As a result, we can deliver customized solutions, backed by our responsive, genuinely helpful building group, to reduce costs, streamline operations and add value to your project at every stage. From conception through transition, we work closely with your developmental teams to create a distinctive identity and desirable process for your planned community—positioning it for success and enhancing its marketability and financial stability.
If you're interested in exploring our developer solutions and consulting packages at W3 Building Group, contact us today.
