Owning a home involves more than the mortgage payments and property taxes. A potential buyer needs to factor in the costs of replacing appliances, upgrading cabinets and countertops, and fresh paint. Knowing the life-span of these various products and components can help a buyer determine the real cost of buying a particular home.

Hardwood floors, natural stone, as well as wood and tile countertops, even some exterior doors, are considered to have "life-time of the home" life expectancies. Standard refrigerators, electric stoves, and clothes dryers have a life expectancy of approximately 13 years. A washer is expected to last 10 years. A water heater has a 10 -11 year life span; warm air furnaces 15 - 20 years. Interior paint needs to be re-done every 15 years; carpet replaced after 8 - 10 years.

If you know how old the components of your home are, then it is possible to plan ahead and factor in the real cost of the home. These are general guidelines, of course, but it gives you an idea of extended repair costs.