What do you expect from your home appliances and materials? Lifetime guarantees? Repurchasing new ones within 10 years? While there are many guidelines for when to purchase new appliances or home materials, there is a place that tells you what to expect. It’s the life expectancy study. According to data from the National Association of Home Builders, life expectancy is the average amount of time a given component performs its role in the house before being replaced.
For example, the study estimates flooring and carpeting to last about eight to 10 years. Some appliances like dishwashers and microwave ovens are estimated at nine years, while bigger, heavier duty appliances like refrigerators, ranges, washers and dryers can last anywhere from 10 to 15 years. Furnaces, heat pumps and air conditioners have a life expectancy of between 10 and 15 years, according to the NAHB data.
So, if you are replacing any of your major appliances or home items and even have a small inkling of making some remodeling changes, it makes good sense to couple the projects together. The cost could be minimal to upgrade for the addition while you replace the HVAC system. If you’re getting a new hot water heater, why not do that bathroom remodel at the same time? Not only will you improve the efficiency of the hot water heater with new plumbing and fixtures, you’ll have a great new home addition. Those new stainless steel kitchen appliances would look awfully sleek in a brand new remodeled kitchen. If you’re smart about timing and are financing a remodeling project, the replacement of major home components will factor into your loan. By making smart decisions and planning for the replacement of your home items, you can get more bang for your buck, and avoid that unexpected budget impact when the water heater suddenly breaks.