over 3/4 of new homes include 2-car garage or larger.
Source: National Association of Home Builders,
Housing Facts, Figures & Trends – May 2007
Life Expectancy of Home Components
Component |
Life in Years |
Component |
Life in Years |
DECKS |
|
PLUMBING |
|
In dry areas |
20-25 |
Cast Iron Waste Pipe |
100 |
In South |
10-15 |
Concrete Waste Pipe |
100 |
In North |
20-30 |
|
|
|
|
ROOFING Adhesive |
7 |
DOWNSPOUTS |
|
|
|
Aluminum |
30 |
ROOFING Material |
|
Copper |
100 |
Asphalt |
20 |
|
|
Clay/Concrete |
50+ |
FLOORING |
|
Coal & Tar |
30 |
Carpet |
8-10 |
Copper |
50+ |
Linoleum |
25 |
Fiber Cement |
25 |
Natural Wood |
100+ |
Simulated Slate |
50 |
Marble/Slate/Granite |
100 |
Slate |
50+ |
Vinyl |
50 |
Wood |
30 |
|
|
|
|
GUTTERS |
|
SIDING |
|
Aluminum |
20 |
Brick |
Lifetime |
Copper |
50+ |
EngineeredWood |
Lifetime |
Galvanized Steel |
20 |
Fiber Cement |
Lifetime |
|
|
Manufactured Stone |
Lifetime |
HVAC |
|
Stone |
Lifetime |
Air Conditioners |
10-15 |
Stucco |
50-100 |
Electric |
15 |
Vinyl |
Lifetime |
Furnaces |
15-20 |
|
|
Heat Pumps |
16 |
WINDOWS |
|
Hot Water Heaters |
15+ |
Aluminum |
15-20 |
|
|
Wooden |
30 |
Source: Study of Life Expectancy of Home Components by National Association of Home Builders and Bank of America Home Equity
Items Needed at Loan Application
1. 2 years of residency
2. 2 years of employment
3. VA - Certification of Eligibility or DD214
4. Self-employed: 2 years of tax returns
5. Bank accounts; numbers, addresses and balances
6. Loan debts; numbers, monthly payment and balances
7. Mortgage loan numbers and addresses
8. Credit card account numbers
9. Child support/child care/alimony
10. Divorce decree
11. Lease agreement/rent
12. Landlord name and address
13. Current pay stubs (3 preferred)
14. Current bank statements (3 months)
15. Photocopy of driver’s license and social security card
