If you love the look of terracotta tiles but can't afford the real thing, here's a creative, simple, inexpensive and durable alternative.  
Paint 
Primer: Alkyd Enamel Underbody 
Base Coat: Latex Porch and Floor Enamel Deck Gray 
Tile colours: Wall Satin #279, #1302, #HC-61
Protective Finish: Stays Clear high gloss latex urethane
Tools
9 inch roller, paint tray, 4 inch thick upholstery foam, utility knife, marker pen, straight edge or ruler, plastic sheet, stir stick, disposable latex gloves, newspaper, 2 inch foam brush, pad applicator

1. Paint the plywood sub-floor with primer coat and allow to dry overnight. Apply the base coat and allow to dry. If you are starting with a concrete floor, paint it with two coats of gray Latex Porch & Floor Enamel.
2. Cut a block of upholstery foam to desired size – we used a 12 inch square. To create a decorative mosaic insert in some areas, cut another piece of foam the same size, slice off one corner, and rotate the foam 90 degrees each time it is applied to the floor. This will create a space for the decorative insert. Cut "handles" on two sides of each form piece as shown.
3. On an unfolded plastic sheet, pour a puddle of #HC-61, then drizzle #1302 and #279 on top.
4. Use a stir stick to swirl colours together without blending, and make sure you can see all three colours clearly. This pool of paint must be bigger than the size of the foam block.
5. Dip the foam square into the paint pool, then lift it up and dab off any excess paint onto newspaper.
6. Begin your tiles in a corner and work out to the door. Press the foam onto the floor, creating your first terracotta tile imprint. Lift the foam off, rotate it 90 degrees and place it on the floor, ¾ of an inch away from the first tile block. This creates the grout line. Don't worry if the tiles are slightly uneven as no terracotta tile floor is ever perfect. When the paint seems thin on the foam block, repeat the mixing procedure. You may also need to cut new foam pieces.
7. To get into corners and other awkward areas, cut a piece of foam to fit that area or use a brush dipped in swirl mixture. Let dry thoroughly.
8. Apply three coats of Stays Clear high gloss latex urethane using pad applicator after inlaid mosaic tiles are complete.

 Compliments of: Hyde Park Paint & Paper, London