Upgrades

Definition

  • When buying a newly built property such as a house or condominium, the builder gives the buyer the option to select higher-quality floor coverings, cabinets, windows, fixtures, etc. at an additional cost to the buyer. If the buyer decides not to purchase upgrades, he or she can simply select the standard options offered by the builder.

Synonyms
improvements, expansion, step-up

Related Terms and Acronyms

  • Allowances Definition,
    • Money set aside by builders for amenities, such as driveways, landscaping, carpeting and fixtures, that are standard but have optional designs.
  • Betterment Definition,
    • An improvement or replacement that increases a property's value.
  • Builder Upgrades Definition,
    • Refined features or materials that a builder offers for an extra charge.
  • Custom Builder Definition,
    • A contractor that constructs or remodels houses based on plans submitted by the client.
  • Fixture Definition,
    • Personal property that becomes real property when it is attached to a building. Examples include chandeliers, built-in bookcases and cabinets and drapery rods.
  • Move-up Buyer Definition,
    • One who is selling a house to buy a more expensive house.
  • Pre-sold Home Definition,
    • A house that is sold prior to construction as opposed to a house built on spec.
  • Production Home Definition,
    • Homes that are mass produced as part of housing developments.
  • Semi-custom Home Definition,
    • A house in which the buyer cannot alter the layout, but can specify amenities such as type of cabinets and floor coverings.
  • Trading Up Definition,
    • Selling a house to buy a more-expensive house.
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