Study Sheds Light on Home Component Life Expectancy
A new study sponsored by Bank of America Home Equity and conducted by the National Association of Home Builders provides general guideline information on how many years of service a homeowner can reasonably expect from the various components of a home, keeping in mind that numerous factors – including use, maintenance, climate, advances in technology and simple consumer preferences – can have a dramatic effect on the longevity of a product.
The NAHB/Bank of America Home Equity “Study of the Life Expectancies of Home Components” was conducted in the summer of 2006.
“By polling experts in a wide range of fields, we learned that many home components are to last for the life of the house,” said Gopal Ahluwalia, staff vice president for research in NAHB’s Economics Group. “Among them are toilets, wood floors, all types of insulation and fiberglass, steel and wood exterior doors.
“On the other hand,” he said, “some components have a much shorter life expectancy. Wood decks should last about 20 years, depending on climate, and kitchen faucets should last about 15 years. Linoleum floors have a life expectancy of about 25 years and furnaces can be expected to last about 15 to 20 years.”
“With Americans relying on the equity in their homes as an essential element of their life savings, Bank of America wants home owners to better understand how to preserve value in their most important financial asset,” said David Rupp, Bank of America Home Equity executive. Bank of America is the leading provider of home equity loans, with a portfolio of more than $88 billion.
“It’s important to remember that the life expectancies for materials included in this study are averages,” said Ahluwalia. “Usage, weather and a number of other factors can influence life expectancy. Moreover, home owners often replace items long before the end of their expect lifespan due to personal preferences and changing trends.
“For example,” he added, “the practical life expectancy of kitchen cabinets is about 50 years. However, many people buying a 15- or 20-year-old house would make installing new, updated kitchen cabinets a priority. Likewise, some homeowners paint their homes every year or two though exterior paint has a practical life expectancy of about 15 years.”
