TurnkeyLuxury Home or Renovation Project: Which Should You Buy?

Originally published: November 2026.

I have been helping families navigate the South Florida real estate market since 1995, and if there is one recurring debate I hear at kitchen tables from Coral Ridge to Las Olas, it is the classic tug-of-war between the turnkey luxury home and the "diamond in the rough" renovation project.

As of November 2026 on our site, we are seeing 2,812 active homes in Fort Lauderdale with a median list price of $750,000. When we narrow that focus to the water, where demand is consistently highest, there are 1,182 waterfront properties with a median price of $1,050,000. These numbers tell a story of a market that is both robust and expensive. Choosing between a finished product and a blank canvas is not just a matter of aesthetic preference; it is a significant financial decision that impacts your daily life in Florida for years to come.

The Case for Turnkey Convenience

Buying a turnkey home is essentially buying time. In a market like ours, where demand for quality housing is high, a home that is already renovated allows you to bypass the headaches of permitting, contractor scheduling, and material delays.

When you purchase a turnkey luxury home, you are paying a premium for the certainty of the outcome. You know exactly what the finishes look like, how the floor plan flows, and whether the home suits your lifestyle. For busy professionals or those relocating from out of state—an area I often cover in my guide on moving from New York to South Florida—turnkey living provides an immediate transition into the Florida lifestyle without the dust and noise of a job site.

The Allure of the Renovation Project

Conversely, there is the renovation project. I often work with buyers who feel that nothing on the market quite hits the mark. Maybe you need a specific type of dock for your vessel, which requires a deep-water lot with a specific bulkhead configuration. If you are struggling to find a property that fits your boating needs, I recommend checking our Dock & Draft Match boat-fit search to see what is possible before you commit to a major overhaul.

Renovating gives you the keys to the kingdom regarding customization. You are not just buying a house; you are creating a property that matches your specific vision. This is the only way to get true personalization in a high-end neighborhood like Rio Vista or Coral Ridge. You choose the impact windows, the smart-home integration, and the specific kitchen layout that functions for your household.

The Hidden Rules of Florida Renovations

Before you fall in love with a dated property, you must be realistic about the Florida-specific hurdles of a renovation. Since 1995, I have seen clients underestimate the complexity of our local building codes.

1. Permitting and FEMA: If you are buying a waterfront property that requires significant structural work, you must verify how the home sits in relation to FEMA base flood elevations. If the renovation is substantial, you may be required to bring the entire structure up to current code, which can be an immense, unforeseen expense.
2. Impact Windows and Doors: In South Florida, these are not optional upgrades; they are life-safety requirements. Budgeting for these is a non-negotiable step in any renovation project.
3. Insurance Premiums: Older homes often require major updates to electrical, plumbing, and roofing before they can be insured at a reasonable rate. Always have a qualified inspector examine these systems before you close.

Location is Your Only Permanent Asset

My golden rule after nearly thirty years in this business remains the same: you can renovate the interior of a house, but you cannot change the lot. I see buyers get distracted by crown molding or high-end appliances, ignoring the fact that the property is situated on a busy street or lacks the proper water depth for their boat.

If you are choosing between a turnkey home in a secondary location and a "gut job" in a premium neighborhood, I will almost always push you to prioritize the location. You can always pull the interior down to the studs, but you cannot move the house to a better street. You can explore different waterfront neighborhoods to understand which locations hold the most long-term value before you decide on a specific project.

Five-Year Planning

I urge my clients to think in five-year increments. When the dust settles and the initial excitement of the renovation—or the initial comfort of the turnkey home—fades, what is left?

If you choose a renovation, you must possess the mental bandwidth to manage the process. Are you prepared to manage contractors, review invoices, and make daily design decisions for six to twelve months? If your schedule is already at capacity, a renovation project can quickly become a source of resentment rather than joy. For those who want the lifestyle without the project, look at our waterfront homes list to see what is currently move-in ready.

The Checklist You Need

Before you submit an offer on either a turnkey home or a project, you need to go through a rigorous vetting process. I often provide clients with a specific luxury buyer checklist that forces them to address the hard questions—like true ownership costs, property taxes, and the benefits of the Florida Homestead Exemption.

Never assume a property is "perfect" just because the photos look good on a listing site. Always verify the status of the roof, the age of the HVAC system, and the integrity of the seawall if you are buying waterfront property in Fort Lauderdale. These are the items that make or break a purchase, whether the home is new or old.

Financial Realities

Remember that the median list price of $750,000 for a standard home and $1,050,000 for waterfront is just a starting point. When calculating your budget for a renovation, always add a 20% contingency fund to your estimate. Renovations in Florida have a tendency to uncover "surprises"—usually behind walls or beneath the flooring—that were not visible during the walkthrough. If your budget is tight, a turnkey home is almost always the safer financial bet.

Ultimately, your choice should align with your lifestyle. If you want to drop your bags and head to the beach or the boat immediately, go for the turnkey property. If you have the patience and the vision to build your dream, the renovation project will yield a home that is uniquely yours. Whatever you decide, ensure you have a professional who has been tracking these local trends for decades to help you identify the potential pitfalls before they become your problems.

You can also read my client reviews to see how others navigated these same choices, or contact me directly if you are considering selling your current home to facilitate your next move.

Next step: If you are ready to evaluate whether a specific property is a smart turnkey buy or a viable renovation project, call me, Simon Gedz, at 954-562-1798. We can walk through the current market data and your personal goals to ensure your next move is your best one.