Are you thinking of upgrading to a tankless water heater? Well, you’re not alone! This new technology is very popular among environmentally conscious homebuyers and homeowners right now.
While it’s definitely more expensive upfront to purchase a new tankless water heater than a traditional storage water heater or a heat pump, you can save money down the road due to lower energy consumption and costs.
And, homebuyers like to see tankless water heaters in the properties they’re considering buying.
But is it worth it?
The main pros are lower energy bills, a smaller footprint on the environment, remote control through “smart” apps, longevity (tankless water heaters can last 20+ years!), and a limitless, on-demand hot water supply. That means if you take the family snowboarding or sledding, everyone can indulge in a hot shower to warm up for as long as they want – without running out of hot water.
The cons are the initial price tag ($800 to $1,500 is pretty typical), installation cost (which registers at about $2,000), and how long it takes to pay you back. According to Energy Star, switching from a traditional tank to a tankless water heater will save a family of four an average of $100 per year, so it could take more than 20 years – maybe the full lifetime of the system – to recoup your initial costs.
The bottom line? If you’re planning to live in your current home for a long time, then it might not be such a bad idea to invest in a tankless water heater. It may not pay you back for a couple decades, but the benefits of a limitless hot water supply are immediate, which is nice.
However, if your plan is to move within the next year or even five, then it is probably not the most economical choice. When shopping for your next home, just try find one with a tankless water heater! ☺
And remember, no matter what kind of hot water heater you have – even a broken one – Mitten Made Properties can buy sell your house fast, as-is, and for a fair cash price in as little as two weeks. Check out our YouTube channel and give us a call at (248) 883-3340 to find out how we can help!