by Alex Everest. A contract for deed (aka land contract) is a method of selling a property in which the seller finances some portion of the purchase price. The buyer typically provides a down payment and makes installment payments directly to the seller for an agreed period of time. The length of a contract for deed varies but a 2-5 year period is most common, after which a âballoon paymentâ for the remainder of the balance is due.
While standard units with tanks that hold and heat large amounts of water last approximately 13 years, tankless or on-demand heaters -- either gas or electrically heated -- can last up to 20 years.
An average water heater tank lasts about 10 years. If youâre not sure whether to repair or replace a water heater, a good rule of thumb is to never spend more than half the cost of replacement on a repair. According to our hot water heater installation price guide, the cost to replace a hot water heater is $850. Therefore, if your repair bid comes in above $425 and your hot water heater is more than seven years old, you may want to consider replacement versus repair.