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Excellent post. I agree with you - a simple cosmetic renovation wont make you much profit. Adding another storey or extension is the key. However you still need to purchase in the right areas and at a good price.

Hi Truly Exotic, Are you a buyers agent? and if so do you specialise in Melbourne?

So how does the renovation guru cherie barber make her numbers stack up? She uses tradies for everything and still claims to make a profit? Purchasing under market value is hard these days as every man and their dog has the same idea.

Bloody stamp duty kills my calcs!

That's good information Jess thanks for that. I think sticking to the $500 -$700k market range will attract a larger market compared to the $1m+ market. My biggest profit after selling is $80k. Property cost me $265k and market is steady with perhaps a very slight rise.

Thanks for the replies guys. Tmnt- the block is a joke! In real life they would be facing major losses. Citystar- i currently do the same but thinking of selling instead of renting. Do your figures stack up if you were to sell once finished? Also do you stick to a particular area or wherever...

Keen to hear from any one on Somersoft that renovates for profit either part time or full time basis. By this I mean purchasing a dump of a property that has potential, complete renovation (bit more than just installing a new kitchen) and putting it on the market to sell say within 4 - 6...