Hardwood flooring has long been a mainstay in homes, and for good reason. It’s durable, and it’s appealing to the eye. These days, hardwood is being used in more unexpected places, including kitchens and even bathrooms. But as gorgeous as hardwood flooring is, it can also be susceptible to water damage and is downright expensive.

The good news is that homeowners have plenty of options for flooring materials that provide a similar look to their interiors as hardwood. Such materials not only rival the look of hardwood, they’re also often more affordable.

Here are some alternatives to hardwood flooring that warrant some consideration.

1. Bamboo

If you’re the eco-friendly type but still loves the aspect of natural materials, then you’ll love bamboo. You won’t be sacrificing in durability because bamboo is as tough as nails. It’s incredibly sturdy and is actually stronger than many types of wood.

Bamboo features a grain that closely mimics that of hardwood, making it a wonderful alternative to the more traditional type of flooring. Many homeowners prefer bamboo to traditional hardwood because it is typically much more water resistant. That’s because bamboo is technically not a wood at all, but rather a type of grass. That said, it’s not entirely immune to water, so the same types of precautions should be taken to protect bamboo flooring from excess water and moisture.

Bamboo flooring is easy to maintain with nothing more than a damp cloth for cleaning. It is also more resistant to scratches and scuff marks compared to hardwood flooring.

To create flooring with bamboo, poles are sliced into strips of varying widths and skin is removed. The strips are then compressed under high heat to create the final flooring product. It can then be stained in any number of colors to create a fully customized look.

2. Cork

Another type of sustainable flooring material that an increasing number of homeowners are choosing over hardwood is cork. While this material is a little soft, it is still incredibly durable, making it a safe flooring option. It also tends to be a more comfortable type of flooring for children to play on given it’s slightly softer feel.

Cork doesn’t exactly look like hardwood, but it’s a natural material that is increasingly finding its way into homes across the country. Available in both planks and tiles, cork is rather simple to install. It’s resistant to mildew, absorbs sound, and wards off insects to prevent any damage done by pests.

While cork is easy to maintain, any spills should be mopped up immediately or else the material could be subject to swelling and staining. The material should be sealed with wax every year in order to avoid any permanent damage as a result. Since cork cannot be sanded down and refinished, it’s important to ensure no damage is done to this material.

3. Engineered Hardwood

Unlike hardwood flooring – which is made from planks taken from actual trees – engineered hardwood is made of wood particles that are fused together and enclosed by a veneer wood. It is this type of construction that makes engineered hardwood so durable and resistant to wear and tear from heavy traffic.

Engineered hardwood also much better able to handle exposure to water and moisture, as well as extreme fluctuations in temperature and humidity. Traditional hardwood is notorious for experiencing severe damage as a result of water and heat.

This is a more cost-effective option compared to hardwood, while still providing the same beautiful esthetics. And since there is less waste involved with the construction of engineered hardwood, it’s also more eco-friendly too.

4. Vinyl Planks

The thought of “vinyl” on flooring might not sound very classy, but vinyl planks can be just as visually appealing as the real thing. And since these planks are applied individually just like hardwood, they do a very good job of imitating actual wood for a much more affordable price.

Of course, you can also find vinyl that comes in tiles and sheets, but the planks are more authentic looking. Vinyl planks even come textured with beveled edges to further increase the legitimacy of this hardwood alternative.

This flooring material is not only affordable, it’s also easy to maintain and very durable. In fact, it can last just as long as – if not longer than – other traditional types of flooring materials. It’s also more sound absorbent, which means all that clanking from foot traffic won’t be as loud.

That said, vinyl planks are more susceptible to scratches, which means a little more care is needed to keep them in good condition.

5. Laminate Wood Flooring

Another affordable alternative to hardwood flooring is laminate, which may have been around for a long time but has recently gained more attention. You can easily get the look you’re after thanks to all the options you have in terms of colors and patterns.

Laminate wood flooring material is very durable and is highly resistant to water and moisture, unlike its hardwood counterpart. For this reason, this type of flooring is a great option for those who love the look of hardwood in the kitchen but don’t want something that’s going to ruin so easily in these types of environments.

If you do decide to go with laminate, be sure to do some research into the different products and manufacturers out there, as there is a wide variation in the level of quality of this type of material.

6. Wood-Look Porcelain Tile

Porcelain tile that looks like hardwood? Yes, it really exists, and it’s actually quite attractive. In fact, porcelain tile that simulates hardwood is becoming an increasingly popular trend in flooring among homeowners who appreciate an incredibly durable material under their feet.

Manufacturers have become pretty savvy in their creations and have managed to come up with porcelain tile that looks as close to hardwood as possible. The textures, colors, and grain patterns in various porcelain tile materials help homeowners achieve the look of hardwood while providing them with something that’s as durable and easy to keep clean as possible.

Of course, it’s still porcelain, so you’re not going to get the feel of actual wood with this type of material.

The Bottom Line

You might love hardwood, but aren’t too keen on its price tag. Or, you might be looking for something that looks like hardwood but is easier to maintain and is able to withstand a little more wear and tear. You’re in luck, because there are several alternatives available for you to consider when it comes time to revamp the floors in your home. Consider any one of the above materials to achieve the esthetic appeal of hardwood and create an attractive interior without blowing the budget.

Buying your first home is an incredibly exciting time, but it can also be a frightening one, especially when considering the cost associated with such a purchase. But before you apply for a mortgage, there are a few things you should know first. Understanding the process will help you make a more informed decision and get the most out of your mortgage.

Here are a few mortgage tips that all first-timers should know.

1. Don’t Take Out the Amount You’re Approved For

The amount that a lender agrees to loan you isn’t necessarily the amount you should agree to take out. Just because you’ve been granted approval for a certain amount of money doesn’t mean you should take it. In fact, you’d be wise not to. Instead, you might only want to take out a fraction of what you’ve been approved for.

If you spend the limit of what a lender is willing to loan out to you, it’s very possible that you may find yourself with a very tight budget to balance. And if you experience any negative financial circumstances in the near future, you could find yourself in a tough spot.

Lenders use your gross income and debts to assess how much you would be approved for, but they don’t factor in your lifestyle and spending habits. There are a ton of other expenses to cover that aren’t necessarily accounted for in the financial documents that you provide to your lender, such as travel, entertainment, daycare, extracurricular activities for the kids, and so forth. Your lender won’t take all of these extra costs into account when determining how much to lend you.

Stay well below your mortgage approval limit to give you a financial cushion to fall back on and to avoid maxing out on your ability to pay all of life’s expenses.

2. Save Up a 20% Down Payment to Avoid Extra Fees

Homes are incredibly expensive these days, so saving up for a down payment that’s 20% of the purchase price can be a tall order. But it’s not impossible, and the benefits of spending the time saving up for a hefty down payment are well worth it.

Putting down 20% means you’ll avoid having to pay private mortgage insurance (PMI). This policy is meant to protect your lender, not you, but you’ll still be paying the fee anyway. The lower the down payment amount, the higher the perceived risk to lenders. As such, an insured mortgage is meant to protect lenders in case borrowers default on their mortgages.

Unfortunately, you’re the one stuck with this fee until you’ve managed to pay down your mortgage balance to 80% of the property’s original appraised value. Until then, you’ll be paying anywhere between 0.5% to 1% of the loan amount on a yearly basis. On a $500,000 mortgage, for instance, you would be paying $5,000 per year based on a 1% PMI rate. That’s a lot of money that you could have otherwise sent elsewhere.

If possible, try your best to save up as much money as you can to be put towards a down payment. This will help you avoid throwing your money away on these extra insurance fees.

3. Take Measures to Boost Your Credit Score

Your credit score plays a key role in the interest rate that your lender is willing to offer you. The higher the rate, the more you’ll be paying. Even just a half of a percentage point on the interest rate can save you a ton of money.

For instance, a $100,000 fixed-rate mortgage on a 5-year term would cost you $53,405 in interest over the life of the loan base don a 3.7% rate. Slightly lowering the rate to 3.0% would cut down on interest to $42,250 over the life of the mortgage. That’s $11,155 in savings.

Besides paying less in interest, borrowers with a higher credit score have a better chance of getting approved for a mortgage. Generally speaking, lenders are seldom willing to approve borrowers who have a credit score of less than 620. If your score is currently less than that, now is the time to take steps to improve it.

Be sure to pay all of your creditors on time and in full, every month. Pay down as much of your credit card balance as you can instead of just making the minimum payments. And don’t take out any new debt, which will only increase your debt load and potentially have a negative effect on your score.

Making an effort to increase your credit score will help improve the odds of mortgage approval at a lower interest rate.

4. Budget For More Than Just Your Mortgage Payments

Your mortgage payments will probably be one of your biggest bills to pay every month, but they won’t be the only ones. Owning a home is an expensive endeavor that involves a lot more than just paying your mortgage. There are a few other costs associated with running a home that you should budget for.

Utility bills, new furniture, repairs, maintenance, and other costs will need to be covered. For this reason, it would be wise to come up with a workable budget that factors in all the fees associated with operating your home. Make sure you’re comfortably able to cover these extra costs in addition to making your mortgage payments every month.

5. Get a Mortgage Pre-Approval

Don’t start looking for a home until you’ve spoken with a mortgage broker and have been pre-approved for a mortgage. Doing so will help you identify how much you’ll be able to afford, which can help you narrow your focus on properties that fit your budget. Otherwise, you could be wasting your time looking at homes that are a lot more than you can realistically afford.

In addition, having a pre-approval letter in hand will show sellers that you’re a serious buyer and are financially capable of securing financing to make a home purchase. Sellers don’t want to take a chance on a buyer who may or may not be able to get a mortgage to close a deal. Those who are pre-approved stand a better chance of mortgage approval.

6. Shop Around

Consumers tend to look around and comparison shop before they make a purchase. After all, they want to make sure they’re not spending any more for a particular item than necessary. The same can be said for mortgages: by shopping around, you’ll be able to find the right lender who will offer you the right home loan package best suited for you.

Failure to shop around for a home loan can cost you. Without considering different interest rates, terms, and fee structures from different lenders, you could be missing out on significant savings. As mentioned earlier, a slightly lower rate can mean the difference of thousands of dollars over the life of the loan. That’s why it’s so important to scope out several lenders and see what they have to offer before settling on a deal.

The Bottom Line

As a first-time homebuyer, you’ll most likely need a mortgage to help you finance a home purchase. But you shouldn’t go into the process blindly. Instead, get acquainted with the mortgage process in order to take the right steps and make the best decision regarding your financing. Long before you start house hunting, speak with a mortgage specialist in depth to find out what you can do to put your best foot forward and set yourself up for success.

Your home should ideally be a safe retreat that you can feel comfortable and tranquil in, no matter what’s happening in the outside world. Interior designers go to great lengths to try and create a space that’s not only stylish and visually appealing to homeowners’ tastes, they also strive to create a home that provides a sense of balance.

That’s exactly where “feng shui” comes into play. It’s this ancient Chinese art and practice that aims to allow the natural flow of  “chi” or “qi” – the life force or material energy of the universe – in a space. Feng shui offers a specific way to fill a home with this balancing energy, and it’s done by incorporating five essential elements: wood, fire, earth, metal, and water.

1. Wood

Incorporating wood into the home is easy enough, given all the furniture pieces and decorative accessories available in this natural material. But not only is wood esthetically pleasing to the eye, it also evokes a sense of tranquility and balance when introduced into the home environment.

The wood element is associated with health and prosperity, as well as natural growth. It represents a new start, which makes it an ideal element to add to a new home. Wood is intricately related to two other feng shui elements: fire and metal. While wood feeds fire, metal controls wood. It’s this dynamic relationship between these three elements that helps bring balance into a space.

When it comes to color, anything in the green or brown families works well for the element of wood. To bring wood into your home, consider adding houseplants, wooden bowls, and wood shelving. And as for shape, anything with a rectangular or columnar contour works well. For patterns, anything with vertical stripes can add some vibrant energy into a space.

2. Fire

The element of fire is all about high energy, emotion, passion, and creativity. It’s also associated with reputation, fame, integrity, and the way in which your inner light shines. Given these attributes – as well as its physical aspect – it should come as no surprise that the color associated with fire is red, along with related hues such as bright yellow, orange, and pink.

A simple way to infuse fire into your home is by simply illuminating it with lights, candles, and even a wood-burning fireplace. You may also add elements into your home’s decor that feature triangular shapes, which are also associated with fire. Things associated with life and living beings – such as animal prints or photos of real people – also add to fire.

Essentially, anything you can bring into the home that features some form of light and red color palette will help add the element of fire to contribute to your feng shui interior.

3. Earth

Stability, sustenance, knowledge, and support are all traits of earth in the realm of feng shui. The element of earth helps to create a sense of grounding when outside factors cause instability. It’s curative and healing in a way and brings back a level of control in a world that can often feel disorderly. The earth is meant to offer a sense of support, especially during times of chaos.

The square shape is most appropriate, as it’s the shape with the most stability. More specifically, flat, horizontal shapes are more heavily linked to earth. In addition, colors such as light yellow, tan, and light brown are earthy hues that can be incorporated into a space to tap into this feng shui element.

A simple way to add an earth element into the home is to add things that come from the earth itself, like natural stones, bricks, and ceramics. Square-shaped terracotta planters and stone tabletops, for instance, can easily accomplish the task of adding an element of earth into a home. Painting walls in pale yellow and light brown and adding accessories such as throw pillows in these colors is another simple way to bring in the earth element into an overall design.

4. Metal

Metal is considered to be the purest element of feng shui and represents organization, focus, strength, and achievement. It’s meant to establish an environment that fosters successful ventures, capitalized opportunities, and keen insight. The energy that metal brings to an interior draws things together in a coordinated manner.

Associated with metal are the colors white and gray, along with  the round shape. These colors and shapes can be incorporated into a space by introducing oval-shaped area rugs, circular picture frames or mirrors, and round tabletops in shades of white and gray. Of course, you can always use paint on the walls to express the element of metal in any room of the home.

Blending this element with fire can help soften the typically harsh traits associated with metal and bring a sense of balance to a space.

5. Water

The element of water works in two different ways in feng shui: stillness and movement. Still water is associated with self-reflection and the inner self, while moving water is an expression of communication and community. The addition of water completes the elements of feng shui to create a well-balanced home.

Water is associated with the colors black and blue, as well as irregular and undulating patterns. Incorporating items in these dark colors and combining them with things that have a transparent or reflective surface can help create an aura of balance. This works even better with the addition of sporadic patterns and when combined with the fire element.

The Bottom Line

If simplicity and balance are what you’re aiming for with your interior design strategy, you may want to consider adopting a feng shui method of decorating. When used properly, the five elements associated with feng shui can make your home both sophisticated and comfortable to spend time in.

Feng shui is all about living in harmony with your surroundings, and using these specific elements can actually help reduce feelings of stress and disarray while evoking feelings of calm and stability. In a world that is inundated with stressful situations, it’s nice to come home to an environment that can evoke a sense of calm and stability.

Of all the owner-occupied homes in the US, about 53% are owned by the Baby Boomer generation. And while a large proportion of baby boomers are staying put in the homes they’ve lived in for decades, others are contemplating downsizing. Whether it’s because they’re empty nesters who don’t need as much space anymore or are looking for something that requires less maintenance, downsizing is an attractive option for many homeowners in this age bracket.

If you fall within this demographic and have considered downsizing, be sure to do some homework and ask yourself a few important questions first.

Is Now a Good Time to Sell?

Before you think about putting your current home on the market, determine if now is a good time to sell. Certain markets help sellers command higher sale prices than others, so you want to make sure that you’re getting your money’s worth by selling at a certain time.

Luckily, California has been favoring sellers for a long time now, and sale prices for homes continue to climb. Based on what markets in many centers across the Golden State are like today, odds are you’ll get a hefty price on the sale of your home.

That said, you still need to buy, and the market can seem tougher when you’re on the other side of the real estate coin based on current market conditions. As a buyer, you’ll have to determine if you can comfortably afford the prices of smaller homes and if it’s worth selling the property you’re living in right now in order to make a change.

What Are the Costs Associated With Downsizing?

One of the biggest reasons why baby boomers choose to downsize is to cut costs associated with maintaining and operating a larger home. It’s a commonly held perception that moving to a smaller home would help you save some money, but that doesn’t always happen. Aside from the possibility that the smaller home you purchase may be more expensive than you originally thought, there are other ways that downsizing might not exactly be cheaper.

Consider the costs associated with downsizing before you make your move, such as moving fees, condo fees (if applicable), and even buying new furniture to fit your new space. The new home you buy might also be located in a more expensive neighborhood, in which case you may also be looking at a higher property tax bracket. After crunching the numbers, assess whether a move would realistically help you save money if that’s one of the goals you’re trying to achieve with downsizing. 

Is There a Chance Your Space Requirements Could Change?

You might be an empty nester with no more need for all those extra bedrooms and bathrooms, but could your current situation change in the near future?

For instance, is there a possibility that your adult children could move back in with you as you age in order to take care of you? Do you have an older parent yourself who could use your care, in which case they would move in with you to make this scenario more feasible? Consider the possibility of a change in circumstances before you make the decision to downsize.

Is it the Size You Want to Change or the Layout?

Perhaps a change is warranted, but what kind of change? While you might think you want something smaller, maybe it’s just a different layout that would make life easier for you. For instance, perhaps the square footage you have right now is working for you, but all those stairs going from one level to the next are a total inconvenience. In this case, maybe the new home you look for shouldn’t necessarily be smaller but have a more functional layout for you in the form of a single story.

Before you buy your next home, carefully assess your needs and wants before automatically switching to something that’s on the smaller scale.

Will the New Location Offer All Amenities Required?

Think about the lifestyle you want to maintain when looking for a new home. Consider your daily routines and the amenities that you need close by in order to maintain your current lifestyle. Look at things such as public transportation, medical services, and shopping to determine how readily accessible they are relative to your new home’s location. Downsizing shouldn’t just mean swapping homes, but switching neighborhoods for the better.

The Bottom Line

If downsizing is on your mind, make sure not to jump into anything too quickly. Ask yourself if your home no longer fits your current lifestyle and needs, and only downsize for the right reasons. Discuss your options with a qualified real estate expert to get some professional guidance to make sure the decision you make is the right one. Having an agent on your team will also help make the transition to a smaller home as seamless as possible.

It can sometimes be a challenge to find a home on the market that checks off all the boxes on your list of must-haves. If that’s the case, there’s always the option to buy a piece of land and build your own home, customizing it from top to bottom to your heart’s desire.

But while buying vacant land is a potential alternative to buying resale, there are certain precautions you will need to take before you sign on the dotted line. Without in-depth research into the land you have your eye on, your enjoyment of your new home can be negatively affected.

Prior to purchasing land to build on, be sure to take the following factors into consideration first.

1. Location

The absolute most important factor to consider before buying land is its location. In the world of real estate, location trumps everything else and should always be the first thing to think about before buying. And not only should the municipality be considered, so should the precise lot location in relation to the overall community. For instance, a lot that’s situated at the end of a quiet culdesac and backs onto greenspace would be worth more than land in the same neighborhood that’s adjacent to a busy roadway.

Depending on your exact needs, you’ll want to assess the location of the lot and its proximity to amenities like public transit, highways, schools, parks, and so forth. You’ll also want to factor in the proximity of the land to your place of work in order to ensure the commute isn’t going to be much longer than you’d like it to be.

2. Property Setbacks

The setbacks of the land – which are the rules that stipulate how far the structure can be set back from the lot’s border – need to be considered before purchasing a plot of land. Where you’re allowed to build the house on the lot will be dictated by the property’s setbacks. And if you have a desire or need to build a home of a certain size, you’ll want to be sure that the lot can accommodate that size, and the setbacks play a big role in this.

3. Zoning Requirements

Jurisdictions may have land that’s zoned for residential or commercial use, or both. You’ll need to find out if the land that you buy is allowed to have a residential structure built on it, especially if the surrounding area is used primarily for commercial purposes. Besides, you probably wouldn’t want to build a home in an area where a bunch of industrial buildings will be erected.

Further, you will need to determine whether or not the area is zoned for additional structures – such as sheds or detached garages – if you have intentions of building them. In addition, there may be zoning restrictions that dictate the minimum size home that can be built on the lots in the area. If you don’t want or cannot afford to build or operate a large home, make sure the minimum structure size fits within your means.

4. Natural Hazards

Ideally, the parcel of land that you purchase will not be vulnerable to specific natural hazards. Depending on exactly where the land is located, it could be at risk for fires, which has been a huge problem in parts of California as of late. Determine whether or not the land is located within a fire zone before buying.

In addition, you’ll want to have the soil assessed on the land to check for its quality and composition, which will affect how your new home is built, the cost of the home’s foundation, and any landscaping you may want to do.

5. Easements

If there’s an easement on title of the property, you’ll want to know about it before you commit to buying. An easement gives another person or entity the legal right to use another person’s property for a specific purpose, regardless of who actually owns it. If, for instance, there’s an easement on your property that allows others to cross over it in order to gain access to another lot, it could have an impact on your level of privacy.

6. Utility Sources

Once your home is built, how will it be powered? Where will your water source come from? You’ll want to find out how your home will gain access to water, electricity, gas, waste, and even phone or cable. This is especially important in remote locations where the cost to hook up to municipal utilities can be extremely expensive. You’ll want to get in touch with the water and utility companies before putting in an offer on the land to find out what the costs would be to connect water, power, waste, and other connections.

The Bottom Line

There’s no better way to ensure the home you buy is fully customized to your liking than to build it yourself. But your first step is to buy some land to build on, and that doesn’t come without its own set of tasks. Do your research on the lot you plan to buy to make sure it’s exactly what you want without restrictions. Team up with a real estate professional who is well-versed in buying vacant land to help you find a lot that meets all your needs without compromising how you’ll be able to use and enjoy it.