House buying question.

Would it be better to spend $200,000 on a "turn key" house, complete with all major appliances, updated kitchen, etc, or spend $130,000 on a house, and get a HELOC for say 30,000, and do all the renovations yourself? Can one get a HELOC the first couple of years into the mortgage, or does one have to wait until they paid in a certain dollar amount?