Contractors and builders calculate an average lifespan for each appliance, based on experiences on when systems and appliances failed in the past. The majority of the data included here is from the Study of Life Expectancy of Home Components by the National Association of Home Builders. They provide a decent guesstimate by compiling life-cycle data from scores of product manufacturers and testing labs.
However, it's important to note that the lifespans for most major appliances have decreased significantly over the last few years, mainly because of the complexity of many smart models. Also, many appliances are often replaced long before they are worn out by newer products that are more desirable in terms of style and technology.
Knowing the age of your household systems and appliances, along with their expected life spans, is an excellent way for you to plan for routine maintenance and prepare against hefty replacement bills that could make a huge dent in your budget.
For home buyers, it’s also a good idea to factor the age of appliances and home systems into your decision making. Outdated appliances are very costly to deal with, the last thing you’d want is to be stuck with an expensive appliance repair or system replacement bill after you complete the sale and just moved in.