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The
engineers of Carson Dunlop & Associates Ltd. have conducted
over 50, 000 home inspections and we haven’t found a perfect
house yet. Since perfection is not an option, what should you
expect?
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THE
1% RULE
When you
consider the life cycle of every component of a house, a reasonable
annual estimate of the cost of normal maintenance is 1% of the
value of the house. One year you may replace the furnace; a
few years down the road you may re-surface the roof. Throw in
the odd unexpected repair in between and you average 1% per
year. It’s incredible but this rule is not far off even for
very expensive and very inexpensive houses.
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NORMAL
MAINTENANCE
If
you strip away the cosmetics, a house is made up of the structure,
roof, exterior envelope and the “systems” of the house. The
“systems” are things like heating, plumbing, electrical and
cooling.
All components
and systems eventually wear out. Fortunately, they don’t all
wear out at the same time. Different components have different
life cycles. Houses tend to settle into what you might call
a “normal maintenance pattern”.
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WHAT’S
THE MESSAGE HERE?
A
homebuyer should arrive at the home inspection with realistic
expectations. If you are buying a 12-15 year old home, let’s
face it, you may need a new roof covering. If you are buying
a 60 year old home, you may have to update some plumbing. Don’t
let this scare you away from a perfectly good home.
HOW
LONG DOES IT LAST?
Here is
a short list of typical life cycles of the most common components
of the home. Please keep in mind that there will be exceptions
in every category.
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