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.
Clue #1: Age. The older the water heater, the more likely it is to break down. As a general rule, a tank type water heater will last, on average 8 to 12 years. With proper maintenance and a little luck, you may be able to nearly double the lifespan of your water heater. But sometimes even with the best care, a water heater will need to be replaced after only a few years.