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Renovating for profit: why the old game no longer works

By Jen Bishop โ€ข Leave a Comment

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BuildHer Collective runs its final FREE Stop Dreaming, Start Renovating โ€“ 3 evening online event for 2022 next week! 

Rebeka Morgan of BuildHer Collective, an experienced builder, renovator and renovation educator, explains why the old game of renovating for profit no longer works.

Letโ€™s go back a little with this conversation! Remember the times when developers were all men, theyโ€™d buy a renovators delight to tart up a bit. Theyโ€™d throw a lick of paint on the walls and the tiles, then maybe they pop a box on the back and then resell it for a profit? The mantra was do it as cheaply as possible โ€“ which we think has given all developers a bad name!

Well, we are here to say that this does not work anymore!

The market is far too smart for that now. We know when a renovation is cheap and nasty and we are demanding better and more!

Why is this? The vast number of renovation shows have meant that we are more aware of how to renovate, we know what we want and we donโ€™t want to pay for work which we could have done better ourselves. There is also way more access to information โ€“ purchasers now know what you bought a property for and how much time it took to renovate, and they’ll make their own calculations on what the renovation is worth (in most situations, forgetting to factor in holding costs, stamp duty and sale costs)!

So, does this mean you canโ€™t make money renovating for profit?

No โ€“ but it does mean you need to focus on creating value, presenting a product that is fit for your market and providing solutions that will be valued and paid for by the purchaser. 

Style and flair mixed with practicality (ummm, yes that means storage!) has become the key and creating a home that the purchaser is willing to pay for which is more than the cost of the work. There is so much inspiration and imagery available now and our dreams of the home we will live in have adjusted accordingly!

The good news is that this is increasing the standard of the build and means that if you are working in this area you can do really well renovating for profit. 

However, it’s not all good news. 

With the increase of these renovation shows we have seen more people pick up tools and decide to tackle projects without really understanding the process and the costs, missing the mark and making either no profit or, much worse, a loss. We recently spoke to a couple who had great success in their first build (probably due to a rising market) but despite investing more than 500 hours of physical work on each of the two subsequent projects, they only just broke even. They couldnโ€™t understand what had gone wrong. 

We unfortunately hear this type of thing all the time, and whilst renovating for profit can be super fun, there is a key: profit. You do need to make a profit, and a profit that is worth the investment of time. 

At BuildHer Collective, we have an amazing group of women, DevelopHers, who are renovating and developing for profit the right way! They know how to run the numbers and make sure they are adding value from the outset. With our experience in this game, we have identified 11 different aspects of renovating for profit that can make or break the budget! 

If you have dreamed of renovating for profit, or perhaps you already are giving it a go and you want to know how to maximise your profits, then please join us for our free Stop Dreaming, Start Renovating โ€“ three evening event:

Stop Dreaming, Start Renovating for Profit!

When: Monday 7 to Wednesday 9 November 2022, 7.30-to-8.30pm

Where: Online in the comfort of your own home

Register HERE!

For more inspiration, check these DevelopHers who have all been featured on Interiors Addict in the past:

AFTER lounge
1970’s Melbourne home transformed to take in the landscape
Todayโ€™s before and after is a bit of a wild one. The original 1970s era home was so overgrown that…
AFTER sitting room
An interior designer’s thoughtful and successful heritage renovation
We love a period home renovation around here and when this one crossed our desks, we couldnโ€™t help but sit…
AFTER front elevation
Edwardian beauty revealed under 80s facade and saved from demolition
After working in oncology for 15 years, Yolanda Aarons decided to scratch the renovation itch via a home in Melbourneโ€™s…
Before & after: An amazing California Bungalow transformation in Melbourne
Built in the 1930โ€™s in the Melbourne suburb of Bentleigh, this Californian Bungalow was in a pretty sorry state when…
How to avoid making costly mistakes when you take on your own reno
It seems that building and renovating has never been more popular or exciting in Australia, either driven by the desire…

Donโ€™t forget to register here and join The BuildHer Collective for this fun-filled event next week!

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November 3, 2022

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Me and @fantasticfurniture go WAY back! When I fir Me and @fantasticfurniture go WAY back! When I first came to Australia in my 20s, it's where I headed to buy everything I needed for my first apartment at an incredible price! And I've loved watching the range get more and more impressive over the years as my knowledge of furniture has increased. I had no idea how extensive their Aussie Made sofa range was though. I'd love you to check out the options via link in bio as I think you'll be impressed! I think we have a renewed appreciation for Aussie Made and supporting local manufacturing and jobs and this is a great success story. We love a bit of high low decorating, and turns out Fantastic Furniture is a great place to find your family lounge, a special accent chair, an extra ottoman for occasional seating and so much more. 

#fantasticfurniture #aussiemade #australianfurniture #FindyourFantastic #FantasticFamily #affordablehomewares #affordablefurniture #custommadesofa #custommadelounges #australianhomes #interiorsblog #interiorsaccount #interiorsaddict #theinteriorsdaddict #jenbishop #heartyourhome
Please don't show my boys this room or they'll wan Please don't show my boys this room or they'll want one like it!

How gorgeous is this Brisbane kids' bedroom?! 

@brittwhitestudio worked closely with the boys (aged 7 and 9) to understand their needs with a bespoke bunk bed solution crafted by BRC Cabinets, featuring ample storage as well as an under-stair hidey-hole, a useful reading nook for books and a built-in charger for electronics. Local craftsmen Emmettโ€™s Ropes designed and hand-tied the ropework on the top bunk and the supporting pillar beneath.

Head over to the blog via link in bio to see and read more!

#bunkroom #bunkbed #bunkbedsforkids #bunkbeds #bespokebunkbeds #custommadebunkbeds #sharedbedroom #sharedbedroomforkids #boysroominspo #boysroomdecor #junglebedroom #kidsroomstyle #kidsroomstyling #childrensrooms #theinteriorsaddict #interiorsblog #interiorsaccount #interiorsaddict #jenbishop #heartyourhome #brittwhitestudio #highriseliving #apartmentlifestyle #penthouses #apartmentlivingwithkids #newsteadbrisbane 

Pix by @joebrosnan.photo
Comment your fave: 1, 2 or 3? Just 3 of the kitch Comment your fave: 1, 2 or 3?

Just 3 of the kitchens in the @duluxaus Colour Awards 2023 shortlist which will give you some serious inspiration!

Loads more gorgeous residential rooms to see on the blog this morning via link in bio.

Projects by @studio__bright @kaiko_design and Georgie Shepherd Interior Design. Pix by @arorygardiner @fiona_susanto and @christophermorrisphoto 

#duluxcolour #duluxpaint #duluxaus #duluxcolourawards #duluxcolourawards2023 #moodykitchen #allwhitekitchen #designerkitchen #sagekitchen #boldkitchen #colourfulkitchen #colouredkitchen #theinteriorsaddict #interiorsaddict #jenbishop #heartyourhome #interiorsblog #interiorsaccount
We're a bit obsessed with Cara Standen's balcony m We're a bit obsessed with Cara Standen's balcony makeover using @kmartaus stone tiles!

Nineties townhouse in Lennox Head or villa in Greece? You decide! All up it cost $2000 including all materials and she did the work herself.

Read all about it via link in bio now.

Love your work @twin_palms_lennox

#kmartaustralia #kmartdiy #kmarthack #kmarthome #modernmediterranean #balconymakeover #balconyideas #diybalcony #budgetdiy #interiorsaddict #theinteriorsaddict #jenbishop #heartyourhome
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What do you reckon? You'd think it would be overkill but it isn't because so many of the designs are subtle yet still impactful.

Head over to the blog to see how @grafico_walls transformed this blank canvas Melbourne townhouse with their products, which you've probably seen on The Block over the years. And read how Damian Corney has grown this Melbourne business with wife Adele and a growing team. There's also a look inside the very cool Motley Hotel which has used a whopping 4km of their wallpaper throughout!

You can also watch a video tour with Bec Douros as the house featured on Open Homes Australia over the weekend.

Via link in bio now.

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Kids and fluffy chickens. Does it get any cuter?! Kids and fluffy chickens. Does it get any cuter?! 

Braved the rain second morning in a row to feed the animals at @edenfarmescape because life's too short to worry about a bit of mud and drizzle!

Feeling relaxed ๐Ÿฅฐ
Did you see this cracking little transformation on Did you see this cracking little transformation on @sellinghousesaus last night?

We have all the finer details on the blog today via link in bio. Particularly love the kitchen refresh using the existing blue cupboards which really weren't doing anything for me before ๐Ÿ˜‚

#sellinghouses #sellinghousesaustralia #beforeandafterkitchen #beforeandafterrenovation #beforeandafterlivingroom #renoshow #realreno #interiorsblog #interiorsaccount #interiorsaddict #theinteriorsaddict #jenbishop #heartyourhome #bluekitchen #budgetkitchenmakeover #budgetdiy #budgetmakeover
How's this for a compact back yard TRANSFORMATION? How's this for a compact back yard TRANSFORMATION?!

Our friends at @mintdesignau have done it again!

Homeowner Briony Marsh says: Itโ€™s totally changed our home lifestyle now we can sit outside on the lounge in the sun or shade, be in the pool, spa, sauna or cooking pizzas and hanging out with friends. It sounds cliched but it really feels like we are on holiday at home!โ€

Head over to the blog to see the finer details, including a sauna and a seriously good looking copper pizza oven. There's a lot packed into this space!

#backyards #smallpools #smallpool #homesauna #pizzaovens #outdoorpizzaoven #landscapedesigner #mintdesign #holidayathome #resortstylehomes #landscapeartist #backyard #exteriorinspiration #exteriormakeover #exteriordesigns #pergoladesign #interiorsaddict #theinteriorsaddict #jenbishop #heartyourhome
Swipe for before & afters of today's real reno. L Swipe for before & afters of today's real reno.

Located inside a 1912 sandstone villa in Adelaideโ€™s Kensington, this bathroom makeover combines classic and contemporary elements that complement the homeโ€™s original, period features. 

Designed by the homeโ€™s owner @designby_Tahirih, who is a property stylist too, the renovation came sooner than expected after water ingress made the makeover of their only bathroom an urgent necessity!

The whole project cost an impressive $20k, project managed herself.

Read all about it via link in bio now.

#realrenovations #realhomes #realreno #heartyourhome #renoaddict #freestandingbath #classicbathroom #classiccontemporary #classiccontemporaryinteriors #theinteriorsaddict  #interiorsaddict #jenbishop #homestaging #laundrymakeover #bathroomrenovations #bathroomremodels
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About Jen Bishop

Jen Bishop is our owner and publisher and an experienced journalist and editor. Interiors Addict has been her full-time job for more than 10 years. She is mum to two young boys and lives in Sydney.

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