Differance between Updated and Remodeled?

[kristofer]

What is the differance between updated and remodeled? I see MLS listings that say a property has been updated but I look at the pics and has a whole new kithchen, flooring, etc. Then I see some listings that say remodeled and have new carpet and paint with the same old cabinets. What is technical definition of both and how do find the market data to come up with adjustments?

 

[Lee Lansford]

What is the differance between updated and remodeled? I see MLS listings that say a property has been updated but I look at the pics and has a whole new kithchen, flooring, etc. Then I see some listings that say remodeled and have new carpet and paint with the same old cabinets. What is technical definition of both and how do find the market data to come up with adjustments?

Don't waste your time trying to decipher definitive differences between "updated" and "remodeled".

As is "beauty", both words have their own definition in the eye of the beholder.

And..."how to find the market data to come up with adjustments?" The same process as for any other adjustment.

 

[38Scarcello]

Wouldn't 'updated' be new appliances, countertops, floor coverings, etc???
And 'remodeled' be additional square footage added on???
'beauty' is Patrick Donahue

 

[Jill Kinnaird]

I've always thought re-model meant just that.. reconfigure the original model; move walls, add-on, etc... and 'update' meant replace old parts with new 'like kind' components.

 

[Caterina Platt]

Updated and remodeled are almost always used interchangeably.

New paint and carpet doesn't equate to either term. This is more a 'freshened up for the market' than anything. Realtorspeak must always be tempered by the appraiser's verification. We're not ever going to get them trained to use specific terminology, I'm afraid.

I continue to get a chuckle out of things they think are pertinent. A picture of the family pet on the lawn in MLS for instance. Ummm, ....are you trying to say the cat is included with the house or was this just a priceless Kodak moment you couldn't pass up? Can you take this one out and perhaps let us see the kitchen you gushed about, but failed to photograph????

 

[James Micozzi]

Another word commonly used

Renovate

From Webster's Online dictionary
Main Entry: ren·o·vate
Pronunciation: \ˈre-nə-ˌvāt\
Function: transitive verb
Inflected Form(s): ren·o·vat·ed; ren·o·vat·ing
Etymology: Latin renovatus, past participle of renovare, from re- + novare to make new, from novus new — more at new
Date: circa 1522
1 : to restore to a former better state (as by cleaning, repairing, or rebuilding)
2 : to restore to life, vigor, or activity : revive <the church was renovated by a new ecumenical spirit>

Main Entry: up·date
Pronunciation: \ˌəp-ˈdāt\
Function: transitive verb
Date: 1941
: to bring up to date

Main Entry: re·mod·el
Pronunciation: \(ˌ)rē-ˈmä-dəl\
Function: transitive verb
Date: 1789
: to alter the structure of : remake

IMHO, all these terms are used interchangeably.

 

[davebram1]

remodel vs update

The terms remodel & update are generally used synonymously by people that do not understand the meaning of each. Remodel means that the floor plan of the design has been altered, ie, walls removed or relocated, an addition or something that changes the floor plan. A remodel does not mean that there have been upgrades.
An upgrade can be a change as simple as a light fixture or less.
Do not confuse one wiht the other and be careful how you state it in your report. IT COULD BE MISLEADING & THAT IS A USPAP VIOLATION!

 

[panappr]

An upgrade can be a change as simple as a light fixture or less.
Do not confuse one wiht the other and be careful how you state it in your report. IT COULD BE MISLEADING & THAT IS A USPAP VIOLATION!

Good Advice. In my latest collection of appraisals 2007-2008 I've been seeing the term "Remodeled Throughout" with an on-going list of upgraded features, such as recessed lighting, skylights, dual pane windows and doors, new flooring, custom paint, etc. No major alterations or re-designing, just cosmetic or effective upgrading. I think this is coming largely from MLS supplimentals, but most post interior photos now which should be obvious to appraisers.

 

[LordofTexas]

Cosmetic=update
Structural=remodel

You'll probably never hear about an appraiser's words being the cause of a lawsuit. You sure will about a Realtor or Broker's though.

 

[Lee Lansford]

... IT COULD BE MISLEADING & THAT IS A USPAP VIOLATION!

Given the appraiser's adequate description of exactly WHAT constitutes "remodeling" or "updating" in the property, there should be no "misleading".