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Originally posted by Elysium-M
That's the catch isn't it? The biggest cost of renovating is labour, and if you don't have the trades skills for something, you'll have to pay someone to do it properly. Which are usually kitchen, plumbing and electricals, which I've found are the most expensive parts of the reno job (in descending order).
Bill - I have in fact been able to do a comparison between two virtually identical properties (apartments in the same block - same floorplan etc). The unrenovated one sold for $120k. The renovated one (would have cost around $15-20k to renovate) has received offers for $175k (the seller wants $180k, so it hasn't sold yet). All within the same month. It would have taken around 2-3 months to fully renovate the apartment. So that's $30-40k profit (before selling costs and stamp duty), which, works out to be a pretty good rate of return on equity.
Cheers
M