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By Stephen Sellner | Citizens Bank Staff
It’s no secret that refrigerators, dishwashers, and big household appliances are expensive. If you plan ahead for these sorts of expenses, it’s much easier to have the money on hand when the time comes.
But how do you know when the time will come?
Start by figuring out the year your appliances were manufactured. How many years have passed?
Then, compare them to the average life expectancy for these appliances:
Now, you may be wondering about the longevity of furnaces and roofs. Those, unfortunately, are wild cards, meaning their longevities range so drastically from one home to the next.
All of this information is important to know, whether you’ve owned your home for three years, three days, or you’re considering making an offer. Of course, all of these ranges are relative and heavy use will put their longevity more toward the lower end of these ranges.
Buying a home is expensive enough after you factor in the down payment and closing costs. However, what goes into your home is also something to consider.
When touring a home, find out how old the household appliances are. Will it be a few years before some of them need replacing? Or is the dishwasher 10 years old, meaning it could need replacing any day now? It’s also a good idea to find out if the current homeowner plans to take the appliances with them (which will be called out in the sale agreement). Then you’ll need to buy all new appliances anyway.
Here are some things to watch for:
The age and quality of a home’s appliances could impact how much you put down with your offer or help you decide if you can afford the home at all. For example, a home with a relatively new refrigerator, washer, and dryer could make a home more appealing to you. On the flip side, a home with a bunch of old appliances might push a home already at the top of your budget beyond your max.
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