Whether you’re about to become a first-time homebuyer, or are already a property owner and are now going over the condition of your current appliances and your budget for new ones, it’s worth taking a closer look at some of those big ticket items. They may seem just fine but may be closer to breaking down than you think.
Below is the National Association of Home Builders general guidelines for the life expectancy of those major appliances.
For those in the market to buy right now, you may be able to negotiate a cash credit from the seller to repair or replace a high priced appliance that is worn out and old.
Gas range ovens have the longest life expectancy among appliances. They should last about 15 years.
Refrigerators and dryers are at 13 years.
Washing machines expected life at 10 years.
Electric or gas dryers at 13 years.
Dishwashers and microwave ovens should last about nine years.
Followed by trash compactors that average out at six years.
The NAHB study also found that changes in styling, technology and consumer preferences tend to push major home appliances out the door long before they’re worn out and needing to be replaced.
For example, earlier this year, GE introduced the Café Series French door refrigerator with a built-in Keurig K-Cup brewing system, available in stainless steel with an MSRP of $3,300. A selling point of the appliance is that it frees up counter space since you’ll no longer need your coffeemaker.
As far as Heating, Ventilation and Air Conditioning goes, these systems need to be properly maintained for maximum efficiency and life expectancy. Even in the best case scenario, most HVAC components only last 15 to 25 years. Usually furnaces last 15-20 years, heat pumps 16 years and air conditioning units 10-15 years. Thermostats usually get replaced before the end of their 35-year lifespan due to technological improvements.
Customers who want to replace their 20-year-old refrigerator are surprised when told the average life expectancy of a new one is seven to 12 years. Consumer products just don’t last as long as they used to. Keep this helpful guide in mind when planning and budgeting for your next major home improvement project.