You remove all merchants and CM. All house vaults and decorations etc inside and outside. So basically everything.
You lose the porch but hey thats 500g
When upgrading you get a voucher back for the value of what it was before which you can sell.
However You cannot downgrade a house and get the money back that way. i.e. you can go from a house to a cottage and get the 1p back (upgrade). But when you go from a house to a cottage (or any other downgrade) you dont any money back.
Correct me if im wrong or this has changed, but i believe this to be accurate
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