Owning your own home

spenceey, buying cheaper, doing the work, and thus adding value, is where you make the money..

This still depends on buying the property at the right price in the first place. Over the years I've bid on a fair few properties that needed work and been way short of the final selling price. My view is that if a place needs say £20k spending on it, it should be valued at somewhere around £25k below it's value when completed.
I've seen places sell for significantly more (once the cost of works is added on) than comparable properties in good condition. Madness!