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.
Depending on hot-water usage, preventive maintenance and the amount of water impurities, the life expectancy of water heaters is 10 to 15 years. Thatâs approximately 3,650 to 5,475 days in a row the water-heating system is âonâ â heating, reheating and storing hot water. With this kind of work schedule, itâs plain to see why maintenance is so important. Trouble signs: Leaky water heater.