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.