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.
Average Life Expectancy. Properly maintained water heaters typically last between eight and13 years. The actual lifespan of your water heater depends on several factors, such as the manufacturer, maintenance, usage and installation. If you have a water heater that is more than 10 years old and it is not working properly, your best option is to replace it with a new one.