Thinking of Remodeling your Home in 2024? Use Your Home Equity to Your Advantage!

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Jack Libby of Glory Mortgage and Mark Bell of Carrot Top Designs sit down to discuss.

Emerald Coast real estate has seen a surge in recent months, leaving smart homeowners with a large opportunity.

According to the St. Louis Federal Reserve, homeowners are now sitting on nearly $30 trillion in home equity. Roughly $200,000 per home! This leaves owners with many options to improve their homes and lifestyle.

Selling your home would mean immediately reaping the rewards, but for those who love where they are and want to improve their home, is there another option at their fingertips?

What is a HELOC?

A home equity line of credit, also known as a HELOC, lets you borrow money against a portion of your home’s equity without the need to refinance your first mortgage. Instead of taking out a home loan at a fixed amount, a HELOC is a revolving line of credit, but with better rates than a credit card, that you can use when you want to, or just have on hand. A home equity line of credit can be a good idea when you use it to fund improvements that increase the value of your home.

This month I would like to introduce folks who can help you maximize that property value and provide the quality of life and peace of mind that we all desire, Carrot Top Designs. I sat down with Mark Bell, Carrot Top’s Sales Director, to discuss this in further detail.

Hi Mark, what can you tell us about Carrot Top Designs and your team?

Carrot Top Designs, located in Miramar Beach, has been leading a quiet revolution in the Interior Design Space. Instead of going to four different places to get four different renovation products, you can come to Carrot Top Designs and talk to one team that can do it all. Our brand-new 30,000-square-foot showroom features not only furniture but entire areas dedicated to cabinets, countertops, flooring, windows, doors, etc. with experts to help along the way.

What kind of remodeling are your customers mostly using HELOCs for?

Kitchens and bathroom remodels provide the biggest bang for the buck in increased home value. Additionally, those are also the areas where families can really transform their house into a home. Investment property owners too can get a return on their investment with remodels. The great thing about these types of remodels is that they are typically smaller in scale (LVP flooring, tiling bathrooms, new countertops, etc) which means they don’t require a long time to complete, and the investment is smaller.  Another thing to keep in mind is that the type of improvements mentioned above also increases durability/resiliency to those rental conditions.  Right now is the time when the vast majority of these remodels occur so that rental income during the peak seasons can be maximized.

What are some other factors people need to consider when thinking of renovating their home?

As we all know, homeowner insurance rates are spiraling out of control.  We are also seeing more people taking advantage of Gov. DeSantis’ tax-free holiday on impact-rated windows, exterior doors, and garage doors before it goes away on July 1, 2024.  This not only helps mitigate those increases but the right updates in these areas can really impact home values by curb appeal and wow factor, not to mention lower utility bills and better warranty coverage for storm damages.

How would you suggest that a potential customer gets started with a Carrot Top remodel and learn more about using a HELOC?

Stop by our showroom, meet our people, and be on the lookout for our ‘official’ Grand Opening event in early 2024.  Or better yet, schedule an appointment to meet with our teams once you have an idea of your budget, the scope of work, and your desired timing.

Also, know that we also have another differentiator when you get to this point in that we really have an EASY button for our clients with our sister business, Carrot Top Beach Development, that can seamlessly take you from idea to paper to walls.

Our #1 goal here at Carrot Top is to deliver an elevated experience around the transformation of your home.  We look forward to welcoming you to the TOP. Call us at (850) 389-8500. Visit our website at carrottopdesigns.com. Visit our Design Center at
12870 U.S. Hwy. 98W in Miramar Beach.

If you have any additional questions about HELOCs or other mortgage related questions, please call Jack Libby at Glory Mortgage (859) 714-3539 or jlibby@glorymortgage.com. (NMLS 2113139)