Cost-Effective Durable Alternatives to Hardwood Floors

 Most everyone loves natural hardwood floors because they can bring beauty and charm to almost any space. The downside is their durability. Pets, kids and everyday wear and tear can wreak havoc on real wood floors. To get them back looking new is a feat within itself. There are several great alternatives that give the same look.

Scratch- and Water-Resilient Substitutes

This option is great for everyday wear and tear, spills, kids and pets. Laminate options not only look good but withstand water damage and scratches because they have extra protection. These floors look and feel like hardwoods but last much longer.

“Laminate’s core is made from wood byproducts,” says Randy Lovelace, executive vice president of sales and merchandising at Southwind Building Products. “It’s environmentally friendly but has extreme wear resistance.”

Long-Lasting Vinyl

Like laminate, vinyl is water-resistant and resists scratches, dents, and fading. Vinyl alternatives are much cheaper than hardwood floors and easier to clean and install. Experts say they can last up to fifty years or more! In fact, vinyl is a top choice for commercial buildings. Vinyl can look like hardwoods and can be installed by gluing down and click-together the pieces.

Waterproof Protection

Over time, hardwood floors can be severely damaged by even small sprinkles of water. Damage can consist of warping, buckling, and staining. Usually when this happens hardwood floors have to be completely replaced. Alternative flooring has several layers of protection which include a UV surface layer so they will not fade, a urethane layer to protect from stains and scratches, a dent-resistant film layer, several waterproof core layers, and an underlayer cushion.

Classic Color Options

Vinyl and Laminate flooring can come in many colors which resemble natural hardwoods.  One of the most remarkable things about today’s wood floor alternatives made of vinyl is their uncanny resemblance to the real thing. The latest products are designed to closely mimic the grains, colors and textures found in natural hardwood flooring.

If you are in the market for new flooring, check these products out. They are easy to install, easy on the pocket and great to look at. A great tip to follow is to find a style and color that compliment your existing home.

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Appraisal System Updating Is a Top Priority to Lenders

 

The hot housing market has changed many things and one thing lenders want to see is appraisal modernization. A survey published in May by Fannie Mae, found that mortgage lenders see value in appraisal modernization, specifically in the implementation of non-traditional appraisals and inspection-based appraisal waivers. This was based on a survey conducted on senior mortgage executives. The survey concluded that 188 out of 200 (94%) feel that appraisal modernization will help reduce the loan origination cycle time.

The appraisal process time is one of the biggest obstacles the mortgage industry is facing. Right now, it is causing huge delays and higher costs. There are also fewer appraisers who are experienced in understanding more complex collateral assignments. Currently, the appraisers cannot get to all the houses that need to be appraised. Appraisal costs are going up due to the impact this has on the industry. The modernization will also amplify appraisal capacity and lower borrowing costs.

The survey also shed light on some other issues that are even more important for the lending industry. A digital portal for consumer loan applications was number one or two on many lenders' lists. There were also concerns mentioned about roadblocks that challenged adapting new modernization tools. These were speed or lack of speed, of integrating these tools with loan originating systems.

The pandemic also has played a hand in the issues the industry is facing when it comes to appraisals. Hybrid appraisals are now allowed under the FHFA (Federal Housing Financing Agency). Appraisers can now conduct them remotely using public records (tax appraisals and listings) for purchase loans. HUD (Department of Housing and Urban Development) extended its timeline on using hybrid appraisals because of the impact from the pandemic.

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Part of Wadsworth Property Rezoned By St. Tammany Parish Council

 

When residents of any community hear that there will be a manufacturing and logistics project close to home, they often fear what it will do to the environment around them. St. Tammany Parish residents are questioning the rezoning of a part of the Wadsworth property at the intersection of La. 1088 and Interstate 12 close to Mandeville.

John Crosby, a developer, wants to build an 800-plus acre industrial corridor on the site. He assures the St. Tammany Parish that the project will bring good jobs to the area and will not harm the environment. Residents spoke their concerns at the Parish Council at a town hall meeting about the impact on traffic and drainage.

Currently, the land is zoned for a mixture of different residential zones and a planned business campus zoning. Crosby is no stranger to these kinds of projects. His company developed The Sanctuary in Mandeville and has a good reputation for being environmentally friendly.

The plan for the site is to have 15 to 20 sites with the smallest being 25 acres. The buildings will be large and look like office buildings.
He also promised to use surfaces that allow rainwater to reach the underlying soil, such as crushed limestone or pavers with plantings in them, sometimes known as living concrete. Other features will include large swales covered in vegetation. With these steps in place, there will be less runoff and better water quality that does run downstream.

"It will not be a wasteland. It is something you are going to be proud of," he said.

Target or Office Depot, Amazon, FedEx, or UPS are some of the businesses looking to locate distribution centers at the proposed project. He explains that what they will be using the land for will not be noxious or offensive and will not pollute the air or water.

This is not enough for Nancy Wagner, who fought a high-profile and successful battle against the proposed Medline medical equipment distribution center that was planned to be built near Covington. She does not see how they will keep from destroying the environment such as plastics and paint manufacturing. Deed restrictions can only go so far, and she believes they cannot be relied on to enforce zoning matters.

Residents still questioned the project even with the jobs that could potentially be generated there. Crosby does point out that more people who grew up in the area, will stay in the area if they have jobs to go to. The kind of companies that are in discussion to be part of the project will be companies that will attract and hire college graduates.

"Where are we going to put all those people," David Jones, a member of Concerned Citizens of St. Tammany asked. "Apartments," someone in the audience replied.

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The Impact Current Mortgage Rates Have on Home Purchases

 

The is a relationship between mortgage rates and purchasing power. The lower the mortgage rate, the higher your purchase power. Rising mortgage rates will increase your monthly payments.

According to Freddie Mac, the average 30-year fixed mortgage rate is above 5%. Professionals in the industry are saying that they are more than likely going up. If you are thinking of purchasing a home, now is the time before your purchasing power is too impacted.

Your mortgage rate will determine how much your monthly payments will be which in turn shows how much home you can afford. For example, if your monthly mortgage payment is between $2,100 - $2,200 with the current mortgage rate, you would be able to purchase a home for over $400,000. If the mortgage rates were to increase to 5.75% you would be looking at a house between $360,000 to $380,000.

"Get preapproved with where rates are today, but also consider what would happen if rates were to go up, say another quarter of a point, . . . Know what that would do to your monthly costs and how comfortable you are with that, so that if rates do move higher, you already know how you need to adjust in response," says Danielle Hale, Chief Economist for realtor.com.

If you are ready to purchase, find a trusted Realtor and mortgage lender who can help you through the buying process. Remember, mortgage rates are predicted to be rising, which will impact your purchasing power.

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