I have never done a reno on any of my IPs, other than fixing what was required. While I think that my goal of being able to retire in seven years is achievable without doing any value add, I've always been interested by the idea somewhat. I've got a fair bit of experience with renovations, as my parents (cheapskates) used to always buy fairly rundown houses to live in and then we'd renovate them. I also renovated my sister's house together with my dad and helped renovate my ex-mentor's IP. But that's somewhat besides the point. What I'm interested in is when and where do cosmetic renovations actually pay back on high yielding properties (has to be over 7% after renovations)? To me it seems that the best time would be when the market is flat and has been for a while. When the market is going up, valuers appear to be reluctant to give you full market value when your property is being revalued. I've run rough numbers on places on the Central Coast a while ago and it seemed that the margin wasn't really worth it. But obviously people are doing it successfully, so when and where are the best opportunities?