Upgrades

Importance: 0.43

Is a company: no

Is a proper noun: no

Synonyms

  • improvements
  • expansion
  • step-up

Definition of Upgrades

  1. 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.

Related Terms and Acronyms

  • Move-up Buyer Definition,
    • One who is selling a house to buy a more expensive house.
  • Builder Upgrades Definition,
    • Refined features or materials that a builder offers for an extra charge.
  • Betterment Definition,
    • An improvement or replacement that increases a property's value.
  • Pre-sold Home Definition,
    • A house that is sold prior to construction as opposed to a house built on spec.
  • Allowances Definition,
    • Money set aside by builders for amenities, such as driveways, landscaping, carpeting and fixtures, that are standard but have optional designs.
  • Custom Builder Definition,
    • A contractor that constructs or remodels houses based on plans submitted by the client.
  • Trading Up Definition,
    • Selling a house to buy a more-expensive house.
  • 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.
  • 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.
  • Production Home Definition,
    • Homes that are mass produced as part of housing developments.
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