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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2022 Designers' Best Home Decor Ideas

Designing your home is a fun task but it can also be overwhelming. The key is to find the right balance of form and function. Here are ideas from the pros when it comes to how to design and decorate your home.

Use Your Wall Space

Many designers today are taking the rug off the floor and adding it to the walls of a home. A beautiful rug can accent the wall behind a sofa giving a living space a warm and colorful design. ELLE Decor designer Sheila Bridges also uses rugs to add color to any space. In her home, she uses an emerald green sheepskin throw rug draped across a bench to add texture and color. Laura Sartori Rimini of Studio Peregalli in Milan uses wallpaper to give a bedroom in a Milan apartment a wow factor. “We created the missing parts—the plinth and the ceiling frame—to depict an Italian capriccio, a fantastical and bucolic landscape with architectural features,” says Sartori. Another designer-inspired idea is to use curtains as a backdrop for art.“Curtains just create a great, calming energy in which you feel very shrouded and comforted, making for a luxurious and restful environment,” says Kelly Framel, creative director, stylist, and founder of online magazine The Glamourai. “And being able to put a really great pop of artwork in front of that textural colored backdrop has a lot of impact.”

Go Bold

A great idea anyone can use is creating a bold gallery on a wall. A gallery of eye-catching artwork can make a bright and bold statement in a room. Adding color to the floor can also brighten a space. A great example would be to use a bright blue rug in a nice all-white living area that looks out onto the ocean. If you have a small space, go bold. Graphic prints can give a small room a major impact. Sara Ruffin, a New Orleans designer uses Ellie Cashman floral wallpaper in a small powder room.

Experiment with patterns

Christene Barberich, former Refinery29 global editor-in-chief, says to layer patterns to create visual interest in a room. She did this by layering patterns in a range of styles and scales in a bedroom. She put black and white pillows with green chevron bedding to add this look. “I think a room balances out better when you have different levels of price and craftsmanship,” she says. “It helps you notice the statement piece more,” Kate Reynolds, co-owner of Studio Four NYC. Emilie Munroe of Studio Munroe says to play with texture. Use shiplap but instead of installing it horizontally, install it vertically in a room with high ceilings.

Use Color in A Hallway

Most of the time, home owner's choose a neutral color for the hallways of their home. David Hicks used Vigorous Violet, Sherwin-Williams in a small hallway and added an art collection to the walls making it a beautiful space. He recommends using a bold color for a hallway giving the space an unexpected look.

Display Collectables and Antiques

Using collectibles and antiques can give your room a perfect look. Every room can benefit from accessories with a history. Showcasing your collectibles on a table instead of a shelf will maintain a sense of balance in your display. In order to make sure your display does not look kitschy, group your pieces by color according to Rebecca Robertson of RR Interiors. Another great designer tip by Kathryn M. Ireland, a textiles and interior designer, is to "mix things up with old and new." “Bringing a touch of the old world into the mix creates a home that will never feel dated,” designer Alex Papachristidis explains of the art-studded Manhattan apartment he designed for a family friend. Acclaimed chef Ludovic “Ludo” Lefebvre's home a designer used floor-to-ceiling shelving to hold his collection of over one thousand cookbooks. Floor-to-ceiling shelving never fails to add character to a room.

Designing your space can be done as many times as you want. Remember to invest where it matters and do your homework if purchasing an antique piece for your home.  A good rule of thumb is to maybe switch out a couple of pieces with new pieces once a year.

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Pros and Cons of Buying a House That Is Still Under Construction

 The home inventory shortage is making purchasing a home still under construction a normal financial decision. The National Association of Realtors (NAR) says that the country is facing a sharp decline in available housing to purchase. The NAR report includes housing such as condos, castles, and everything in between.

Once again, this shortage is stemmed from low-interest rates and high buyer demand. Soaring home prices and low listings mean this is a seller's market. Professionals in the industry are seeing 20 to 30 offers on the same property. In fact, buyers are willing to put a contract on a homesite and wait up to six months to close and start construction.

A new construction home purchase is a lot different than purchasing a traditional resale. The biggest difference is that you are purchasing a home that does not exist yet. The seller is the builder or a company instead of the owner of the home. If you are closing on a home that is not yet built, you will not be able to obtain a traditional mortgage instead you would pay cash or finance the land purchase at the beginning and then take out a separate construction loan to build.

One of the biggest benefits of new construction is a buyer will get a brand new never lived-in home. A buyer will not have to battle the market and get outbid on an existing home. If you get in at the beginning you can have a say in your home design.

On the flip side, there is a chance that the construction of your new home is terrible and there are delays on materials and workers. “If you’re not buying from a really good builder, the odds of problems cropping up increase substantially,” Sheehan says. “It’s quite important who is doing the work,” says Realtor Joey Sheehan.

If you do decide to go this route, do your homework on the builder. Go to some of his existing projects and get testimonies. Remember open communication is the key, stay in communication with your builder and record both verbal and written conversations. New construction is an exciting way to go, especially in today's housing market.

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March Sees a Rise in Private Residential Construction Spending

 According to the National Association of Home Builders (NAHB) there was a 1% rise in private residential construction spending from February's 0.7%. Total private residential construction spending was 18.4% higher than it was a year ago and spending was at a seasonally adjusted annual rate of $882 billion.

The rise is the result of the strong growth of spending on improvements and single-family. Single-family construction spending was up 1.3% over February estimates with an increase to $472.6 billion. This is great news since the home building industry is still facing supply chain issues and labor shortages.

There was a decrease however in the private nonresidential construction spending to a seasonally annual rate of $497.6 billion which was down 1.2% from February estimates. This still is not bad since it is 8.5% higher than a year ago. The highest increase in this category was in manufacturing at $22.7 billion.

The National Association of Home Builder's construction spending index shows a great rebound back to pre-COVID-19 numbers. The NAHB construction spending index illustrates the solid growth in single-family construction and home improvement from the second half of 2019 to February 2020.

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