It would depend on how much closing costs would be on the home equity loan and how soon you plan on doing renovations.
We are currently doing about $10000 of renovations ourselves on our house and we are using a 0% interest rewards credit card and using cashflow to pay it off. This way we are paying no interest and our money says in the stock market. Yes it means that less is going in but theres no taxes to pay on money going out and we don't have to wait for the home equity loan to come through.