Fireplace loving interior designers have come up with many ways to incorporate the long-standing favorite into modern homes. Contemporary fireplaces are sleek, elegant and space saving. They typically sit close to the wall and can do double duty as storage spots and fascinating focal points. New generation fireplaces also place an emphasis on energy efficiency and practical use, and often provide more heat than their predecessors.

While a traditional fireplace sits out from the wall, with a deep hearth, contemporary fireplaces sit tightly against the wall. Many new designs are metal enclosures built in to the wall itself or a recessed nook. These allow for full use of the space of the room, without stone hearths, and sometimes offer a decorative mantle for books, photos or other display items.

Models that emulate wood burning stoves are also gaining popularity. These metal structures can sit anywhere in the room and complement industrial home decors. Their designs range from stout pot-belly stoves to floor-to-ceiling structures with bookcases on either end. Modern stoves typically use a thin, straight chimneys and burn wood or natural gas. Due to their growing popularity, they're available in finishes that complement any home style.

Home owners on a budget can also take advantage of the many new models available. Another variation on the wood burning stove, the portable fireplace, is much less expensive than a built in fireplace and doesn't require a chimney. These units run on a variety of fuel types, such as gel or electricity, and provide the attractive look and warm feel of a traditional wood burning fireplace. Because they are free standing and light, they can be easily moved for extra space or when rearranging the room's furniture.

Existing fireplaces can be easily resurfaced or replaced to keep up with new decor. If a chimney is already in place, the old fireplace can undergone any level of redecorating. With the help of a contractor or much time and dedication, old fireplaces can receive a new surface or be entirely replaced with modern materials. If the existing chimney is unusable, the firebox can still be used to utilize the low to no smoke methods employed by portable fireplaces.

Interior design websites offer a wide array of information to assist buyers in the process of researching, selecting and purchasing. With so many styles, fuel sources and price points available, practically any home owner can consider a new fireplace an option for their home. Don't just buy based on price alone. Consider the features and buy what you need.