How stay-and-renovate works in 4 steps
FLYP's stay-and-renovate path is built for homeowners who love their location, hate writing checks, and don't want to manage a contractor. Here's the flow:
- Equity check. We confirm you have enough equity to support the renovation scope. Most lenders allow you to borrow up to 80–85% of your home's value minus your existing mortgage.
- HELOC setup. You apply with a lender of your choice (or one of our partners). FLYP coordinates the timing so the HELOC closes before the renovation kicks off.
- Renovation. FLYP's project manager owns the build — design, permits, contractors, materials, inspections. You stay in the home where it's practical; we phase the work room-by-room when needed.
- Payment. Each contractor invoice is paid out of the HELOC, not your bank account. You make interest-only HELOC payments during the project, then pay down the balance on your own schedule (or roll it into a future refinance).
Why FLYP-managed beats DIY contractor coordination
Most homeowners trying to renovate-and-stay learn the hard way that hiring contractors yourself burns 10–20 hours a week of your life and still leaves you exposed. You're managing scopes, change orders, schedules, sub-contractor handoffs, and the inevitable "the cabinets came in wrong" surprises — on top of your real job.
FLYP runs the project the way a developer runs a build: a single project manager, a vetted contractor network, fixed scope contracts, and a budget that doesn't balloon mid-project. The HELOC funds the work; you don't become an unpaid general contractor.
- One contract — FLYP holds the master agreement, you don't chase 8 trades.
- Vetted, licensed contractors with insurance and warranty coverage.
- Fixed-scope budget agreed before work begins. No surprise change orders.
- Designer-led finish selection so the result reads like a renovation, not a patchwork.
- Your time stays your time.
What FLYP handles vs. what your lender handles
Two parties, two clear responsibilities:
- FLYP: Scope, design, permits, contractor selection, project management, quality control, schedule, change-order discipline, final walk-through.
- Your lender: HELOC underwriting, draw mechanics, interest-only payment schedule, eventual payoff terms.
- You: Approve the scope and budget at the start. Live in the home. Pay the HELOC monthly.
Cost structure: $0 upfront, then standard HELOC terms
The whole point of this path is to avoid out-of-pocket spend. Here's how the dollars actually move:
- Day 0: $0 from your savings. The HELOC funds the work.
- During the build: You make interest-only payments on the drawn balance. Most HELOCs run prime + 0.5–2% in 2026.
- After the build: Pay down the principal on your own schedule, or roll the balance into a cash-out refinance when you eventually want to lock a fixed rate.
- If you sell later: The HELOC payoff happens at closing alongside your existing mortgage — and the renovation increased your sale price by 1.5–2x what you spent.
Who this path is for (and who it isn't)
Stay-and-renovate is the right fit when:
- You love your location and aren't planning to sell in the next 5+ years.
- You have meaningful equity — typically 30%+ above your existing mortgage.
- You can comfortably absorb a HELOC monthly payment.
- You want a renovation handled professionally end-to-end, not a contractor list.
- You want $0 out of pocket today.
Frequently asked questions
Can I really renovate with $0 upfront if I'm not selling?
Yes. With FLYP's stay-and-renovate path, you fund the work through a HELOC against your existing home equity. The HELOC pays each contractor invoice as it comes in. You don't write a check upfront — you make standard interest-only HELOC payments during the project.
How does the HELOC fit into a FLYP-managed renovation?
Your lender approves the credit line; FLYP draws on it as contractors invoice. You never write a check directly to a contractor. FLYP keeps the spend inside the agreed scope so the HELOC balance doesn't blow past what your monthly payment can support.
Do I have to qualify for the HELOC myself?
Yes — the HELOC is in your name and underwritten on your equity, income, and credit. FLYP doesn't underwrite or guarantee the loan. If you can't qualify for a HELOC, see the no-HELOC remodel options page for alternatives.
How much equity do I need?
Most HELOC lenders require 15–20% equity above your existing mortgage at minimum. To support a meaningful renovation scope ($30K–$100K) you typically want 30%+ equity. FLYP runs an equity check during the initial assessment.
Do I need to move out during the renovation?
Usually not. FLYP phases the build so you keep at least one bathroom and the kitchen functional through most of the project. Heavy work (kitchen gut, primary-bath rebuild) sometimes requires 7–14 days of relocation, which we plan around your schedule.
What if I decide to sell later?
Great outcome. The HELOC pays off at closing alongside your existing mortgage. The renovation typically lifted your sale price by 1.5–2x what you spent — which means a chunk of HELOC principal repayment came directly from increased equity, not your bank account.