Oh where oh where have my appliances gone? Buying foreclosures and REO's

Oh where oh where have my appliances gone?  Alot of buyers are looking at foreclosures and REO's currently and have been wondering how long do these left behind appliances last?  Should I get new ones? Should I replace them?  Gadzooks those things are u-g-g-g-ly!

This post is another in a series 'Real Estate 101' and the topic is about the life of appliances in a home.  When the stove, refrigerator, washing machine or other household appliance stops working, how do you know whether it's time to call a repair service or to replace the appliance? The following tips can help you make a sound decision.

Troubleshoot the problem first. The appliance may be unplugged, have tripped a safety switch or circuit breaker, or have some other simple problem that's easily put right. Every appliance comes with an owner's manual, most of which have troubleshooting sections. Consult these first.

Use checklists to help weigh the reasons for repair or replacement. Answering some of the following questions requires that you do some homework on features and prices of potential replacements. Appliance manufacturers' and retailers' web sites and sites that offer reviews, such as that of Consumer Reports, provide useful information quickly.

Because many appliances cost from nearly $1000 to many thousands, spending $75-$100 on a service call to get an accurate estimate of repair costs may make economic sense. Often, if you decide to repair the appliance, the service call fee is credited toward the total repair cost.

Reasons to Repair:

The appliance is still under warranty and the problem is covered.  Based on average life expectancy, the appliance still has enough service years in it to justify the repair. The following table, which is based on data from several consumer and manufacturer sources, notes typical longevity for average (not high end) models of various appliances:

Repair costs are reasonable.

• One rule of thumb identifies "reasonable" as "less than 50% of the cost of a new appliance."

• How much will it cost to remove the existing appliance, install the new appliance, and dispose of the old appliance? These costs may add up and make the savings with a new appliance disappear.

• Is it difficult to remove the appliance from the house? Having to tear out the appliance or breakdown the appliance or make changes to the house to get the old appliance through a doorway, for example, might influence your decision.

• Has the current appliance given good service and do you particularly like the model? Simply not wanting to change can be a valid reason for repair.

Reasons to Replace:

• The repairs will cost more than 50% of the cost of a new appliance.

• The new model is more energy efficient. Compare the annual energy savings of the new model to the cost of running the old model. Energy efficiency savings may help the new appliance pay for itself over several years.

• Does the new model have newer technology that you would like?

• Will a new model provide additional features that are desirable or provide additional convenience and flexibility? Will you use these features?

• Replacement parts may be hard to find. The older the appliance, the harder it is to find the parts. It is even hard to find parts for some newer models.

• Replacement parts are expensive. Consider what the part is costing in comparison with the age of the machine. For example, if you replace a major part in a 7-year-old appliance, remember that all the other parts are still 7 years old.

• Do you simply want a new appliance? If so, can you afford to purchase the appliance without wrecking the budget or going into too much debt (particularly high credit card or retail contract debt)?

Fix or Replace It Article

Life Expectancy of Home Components

Home Components

The above articles will give you a little more guidance and are from other references found on my website.  Hope this information helps with your decisions!  

Lyn Sims at RE/MAX Suburban (847)230-7324

Website:   www.LynSims.net                   Email:  LynSims@remax.net

I proudly serve and sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.

Oh where or where have my appliances gone?©2009 Lyn Sims - RealEstateConsumerInfo.com  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.