Do You Know How Long Your House Will Last?

How Long Will Your House Last?A friend recently forwarded an interesting feature from Bankrate.com entitled How Long Will Your House Last. The story points out a few interesting things:

Items that can last a lifetime include: “cabinets in a garage or laundry room, brick pavers, a concrete or cast iron waste pipe and copper rain gutter downspouts, natural stone or tile countertops, fiberglass, wood or fire-rated steel exterior doors, copper wiring, wood floors, walls, ceilings and most types of insulation.”

But there are many items in a home don’t last that long. Here are some common elements and their average lifespan.

  • Enamel steel sinks (five to 10 years)
  • Carpet (eight to 10 years)
  • Faucets (10 to 15 years)
  • Garage door opener (10 to 15 years)
  • Air conditioner (10 to 15 years)

Most appliances last under 10 years, with the exception of the range, which typically makes it to 15 years.

My two takeaways from the story:

  1. Be sure to plan your short-term savings around the age of your home. If you have a brand-new home under warranty, your savings needs are less. If you have a 10 year old home, the thing is literally a ticking time bomb of emergency fund withdrawals. Be sure to beef up a home repair savings fund for the 10 year mark.
  2. When purchasing an older home, ask about repairs and replacements. Review receipts and ask for manuals if they have them. Factor in expected expenses based on the averages above to determine the true cost of owning that home. Look at the appliances closely. Often the manufacturing date is printed on them.

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Last Edited: March 8, 2014 @ 11:01 pm
About Philip Taylor

Philip Taylor, aka "PT", is a husband and father of two. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or view the Philip Taylor+ Google profile.

Comments

  1. I’d question the estimates on enamel covered sinks — it’s too low in my opinion. Also, faucets are way too high! Seems like those things are constantly going out around here! And they aren’t cheap either.

    Few people think about how long their home and its features will last. Perhaps that’s why we turn to credit so often because when something goes out on your home, it usually costs big bucks to repair or replace.

    Thanks for the mention!

  2. @Ron – Yeah, I feel like the faucet avg should be a little less too. I guess it has to do with the more advanced faucet styles these days. Ours is already having trouble after just 3 years.

  3. And these are just averages for how long they will last. Imagine how many people upgrade items before they wear out. You really do have to factor all of this in when you buy a home.