April 8, 2007
Life Expectancy of Your Household
Life Expectancy of Your Household
Only two years ago, many buyers purchased homes without much thought about how old it was or whether it had major upgrades recently. Prices were increasing so quickly, they simply assumed that there always would be enough equity to borrow against if the roof started leaking or the bathroom needed some tweaking.
Now that the market has slowed, consumers have become more value-conscious, and a new survey released by the National Association of Home Builders showing the life expectancy of nearly everything in a home, from closet systems to copper wiring, is especially timely.
Last summer, the trade group asked dozens of manufacturers and researchers to estimate how long the various components of a house would last. And at least when it comes to some of the major elements of a home, like foundations, exterior doors, drywall, plaster, pipes, basements and framing, the results are reassuring — these elements all last at least 50 years.
But other parts of the home have a much shorter lifespan.
What is your opinion about the life expectancy of the items in your house? Leave us your comment below.
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