Often you hear people(gurus) say they make huge money ($100K, $200K) by renovating, eg. buy $250K, sell $400K after reno. For those actually doing it I think how the money is made is to buy way below the median price for the area. So the trick is to buy at $250K in an area where the median price is $400K, may be spend $50K on reno, and then sell the property at the normal sell price. So how money is made is not because of some awesome renovation skills, but buy low and sell at the normal price. No bank will value a property for $400K in an area where other properties are only worth $250K.