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.
How to Make Your Water Heater Last. Water heaters have a few main components âthe thermostat and the water tank. All water heaters will also have an inlet pipe for cold water, and outlet pipe for hot water. Besides, a gas water heater will have a pilot light and a temperature and pressure valve. An electrical water heater will have a heating element while a gas water heater will have a burner. To ensure that your water heater lasts longer you need to protect all of these parts. If the tank of the water heater is corroded, it needs to be replaced to prevent leaks and water floods. To extend the life of the tank you should drain the tank once a year and flush it out to remove all the sediments. This should be done after switching off the electric supply or the gas.