You've probably never given your water heater much thought before, but now that you're in need of one, it's a decision you have to make. There are a number of different sizes to choose from and you can also choose from a tank water heater or a tankless water heater. If you aren't sure what type to choose, you probably aren't alone. Most homeowners don't think about their major appliances until it's time to invest in a new one. Read on for helpful information about tank and tankless water heaters to help you choose.

Cost

Tankless water heaters are going to be more costly, but you'll actually save money in the long run both on your energy bill and on your water bill each month. If you have extra money in your budget, spending the extra money on a tankless water heater is worth the cost. A tankless water heater can also add to the value of your home. They are longer lasting than tank water heaters, which makes them more appealing to a potential buyer.

Size

The size of your tank depends on how many people you have in your home and the size of your home as well. You don't want to skimp on the size just to save a few dollars on the cost of your water heater. Don't buy a tank that is too small, as you will end up fighting over hot water each and every day. Tankless water heaters give you hot water on demand, unlike tank water heaters. If the tank is too small, you'll run out of hot water much faster.

Space

Those large tanks take up a lot of space in your home. If you have one stuffed in a closet or stored in a basement, then you probably don't even notice it. If your hot water heater is in a bathroom and is unsightly, then you may prefer to have a tankless just to open the room up a bit. Using a tankless water heater can open up space for you and give you a larger bathroom, closet or other room where your large tank used to be.

Damage

Tank water heaters hold water inside always, so there's always a change that you could end up with water damage if something happens to your water heater. A tankless water heater doesn't hold any water inside at all, so no worry about water damage occurring. This may not be something you're concerned about if your water heater is in an unfinished basement, but if it's in a bathroom next to your newly finished living room, then it could be a concern. A tankless water heater isn't going to cause this type of damage.

If you aren't sure what type of hot water heating system is best for you, talk to an expert. Have a new one installed for you in your home to ensure it is installed properly.