Buying a home requires a certain amount of . . . trust. You must trust that the seller filled out the residential real estate disclosure to the best of their knowledge. And you must trust that the components of the home were built and maintained to hold up to their typical life expectancy. But what does that even mean? How long are the major components of a home supposed to last?
The Lifespan of Major Home Components
According to the National Association of Certified Home Inspectors (NACHI), there is a standard life expectancy chart for homes and their components. These life expectancies have been determined by normal wear and tear, not taking into account extreme weather or other conditions, neglect, overuse, or abuse. And remember, these are just guidelines, not guarantees or warranties.
Here are some highlights for how long major components may last:
- Carbon monoxide detectors: 5 years
- Central air conditioning: 7–15 years
- Asphalt (architectural): 30 years
- Asphalt shingles (3-tab): 20 years
- Radon fan: 5–8 years
- Garage doors: 20–25 years
Check out the complete list of home component lifespans here.
Seller Disclosure Forms
Now that you know how long major components are supposed to last, this can help you when you’re reading seller disclosure forms.
In the state of Indiana, the Seller’s Residential Sales Real Estate Disclosure is a form that a seller is required to fill out to the best of the seller’s current actual knowledge as of the date it is filled out. An owner must complete and sign the disclosure form and submit the form to a prospective buyer before an offer is accepted for the sale of real estate.
There are some exceptions to this rule, including transfers of residential property in the administration of an estate, a foreclosure, a bankruptcy. There are also exceptions for transfers of one co-owner to another co-owner, and transfers to a spouse.
There is no exception for the sale of a residential property by a seller who never lived in the home being sold. However, in that instance, you’ll likely find a disclosure full of “do not know” checkboxes. Another big misconception is about “as-is” sales and buyers waiving their right to inspect a property. The Supreme Court of Indiana has held that such transfers are not exempt from providing a buyer with a truthfully completed Seller’s Residential Real Estate Disclosure Form.
These forms were created to distance the buyer from the days of “buyer beware.” However, one could argue that the buyer should always beware, no matter what the seller has disclosed. Although many sellers are honest, they can’t tell you what you don’t know.
What to Do to Protect Yourself
So, what’s a buyer to do? Well, armed with the information about how long components should last and the information on the seller disclosure sheet, you should be able to chat with your agent and get a good idea of what repairs or replacements might be coming up on the home you’re interested in. You can also always ask the seller for information, as well. Even if they don’t have anything further to share, it can’t hurt to ask.
Last, you’re going to want a really great home inspector to give the home a complete rundown and let you know what they see. If you need recommendations, I know some trusted home inspectors who can help you out!
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