I recently saw a property that was purchased for $800,000 in a beachside suburb in Brisbane resell for $1,700,000 after the owner completed a beautiful renovation.
I also saw a builder buy a property for $1,000,000, knock it down and rebuild another beautiful home for $1,000,000 and resell the brand new property for just over $3,000,000.
Renovating for profit can be extremely simple if you understand property market fundamentals and timing.
All you really have to do is find a suburb with a large gap between crappy and quality houses (a $300,000+ difference is a minimum starting point) and then create a plan for how to turn that crappy property into a quality home that a Mum and Dad will fall in love with when you sell it.
I personally like to look for simple projects where I can easily add bedrooms and bathrooms under the existing roof line, as well as re-do bathrooms, kitchens, flooring, painting, blinds and landscaping. I also like to add pools and decks to increase the appeal on re-sale.
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