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Florida summers can be ideal for giving your home a makeover, and one of the best ways to afford it is by getting a HELOC or home equity loan for remodeling.
Summer and remodeling go hand in hand. The days are longer, family schedules are more flexible, and the weather supports both indoor and outdoor projects.
Summer is the time to update a kitchen, rework a bathroom, or install energy-efficient upgrades.
But even the best-planned projects come with one big question: How will you pay for it?
For many Florida homeowners, the answer is already in the house—home equity.
A home equity loan for remodeling, or HELOC, also called a Home Equity Line of Credit, gives homeowners a practical way to finance home improvements without using credit cards or dipping into savings.
The key is choosing the right option for your goals. Let’s walk through how both tools work, when each makes sense, and what to consider before you start your summer renovation.
Leverage the power of your home equity with MIDFLORIDA Credit Union.
Why summer is prime time for home upgrades
Between the benefits of school breaks, lighter family schedules, and ideal weather conditions, most Florida homeowners plan their renovations from June through September.
Contractors are easier to schedule, and materials are available during the summer building season.
Popular projects include:
- Full kitchen remodels
- Bathroom upgrades
- Flooring or tile replacement
- Privacy walls and fences
- New windows and doors
- HVAC and energy-efficiency improvements
- Exterior painting or siding
The right renovation can have a big impact on your goal of improving comfort or boosting resale value.
But with more value comes more cost. For example, a complete kitchen remodel in Florida could cost anywhere from $10,000 to $60,000, depending on size, scope of work, and your area.
How do homeowners pay for these pricey renovations? They can tap into the equity they’ve already built.
Understanding loan-to-value limits for home equity
When borrowing against your home’s equity, most lenders allow you to access up to 80% of your home’s value (less what you still owe on your mortgage). This is known as the loan-to-value (LTV) ratio.
For example, if your home is worth $400,000 and you owe $250,000, your available equity could be around $70,000, depending on lender guidelines.
Knowing your LTV helps you estimate your borrowing capacity early on, which makes budgeting for your remodel more accurate and realistic.
What is a home equity loan?
With a home equity loan, you receive a one-time lump sum of money upfront based on the equity you've built in your home.
Best for:
- Projects with a clear budget and defined timeline
- Homeowners who want predictable monthly payments
- Renovations that need immediate, full funding
Home equity loan advantages:
- Fixed rate for the life of the loan
- Easier to budget around consistent payments
- Well-suited for one-time, high-cost remodels
Things to consider:
- Once the loan is disbursed, the amount is set
- Not ideal for projects with changing scopes or evolving costs
Home equity loans also work well when contractors require staged payments, but you want to secure full funding before the project begins.
Having all your financing in place can streamline scheduling, improve your ability to negotiate with vendors, and let you act quickly on seasonal material or labor pricing.
What is a HELOC?
A HELOC is a revolving line of credit you can draw from as needed. You only borrow what you use and can continue drawing during the initial draw period—usually the first 10 years—followed by a repayment phase.
Best for:
- Projects that happen in phases
- Homeowners doing a mix of DIY and contracted work
- Remodels with uncertain or changing costs
HELOC advantages:
- Borrow in stages instead of all at once
- Interest-only payment options during the draw period
- Only pay interest on the amount you use
Things to consider:
- Rates are typically variable, which can affect payments
- Requires discipline to stay on budget and avoid over-borrowing
When to choose a home equity loan for remodel
If your project has a firm scope and set budget, and you want a straightforward repayment plan, a home equity loan can provide that.
You get all your funds up front, and the fixed rate means consistent monthly payments from day one.
Consider a home equity loan if:
- You’ve received detailed contractor quotes
- You want to lock in today’s interest rates
- You prefer financial clarity and a set payoff timeline
It’s also ideal for projects that need full funding before construction starts. Securing your loan early can keep your project on schedule and reduce friction with vendors who require upfront deposits.
When a HELOC might be the better option
A HELOC offers the flexibility to borrow in increments for long-term or phased projects. You can take on different remodeling parts over time and adjust your borrowing as needed.
Consider a HELOC if:
- You’re renovating in stages or over multiple seasons
- Your costs may change as the project evolves
- You prefer to borrow only what you need, when you need it
Keep in mind, though, that most HELOCs have variable interest rates, so your payments may change over time.
How MIDFLORIDA Credit Union supports both options
At MIDFLORIDA, we offer both home equity loans and HELOCs with features tailored to Florida homeowners.
You’ll benefit from:
- Competitive interest rates on both loan types
- Flexible repayment terms
- Easy online application process
- One-on-one support from a Florida-based team
Are you unsure which is right for your renovation? Our lending specialists are here to help you evaluate your goals and select the option that fits your budget and timeline.
Ready to remodel? Start with the right financing
A successful renovation starts with smart planning, including choosing the best financing tool for the job.
A home equity loan for remodel projects is ideal for fixed-cost, one-time renovations where upfront funding and payment stability matter. A HELOC is a great fit for phased projects or flexible timelines.
Whatever your summer plans include, MIDFLORIDA is here to help you move forward with clarity and confidence.
Start your home equity application today and put your home’s value to work for your next upgrade.
