Hot Water Tanks: What You Need to Know

As a real estate agent, my buying clients frequently ask me about hot water tanks. Many want to know whether renting or owning a hot water tank is the best option. A standard hot water heater may provide you with approximately 10 to 15 years of use, and this means that most homeowners will need to make at least a couple of replacements over the years. If you are thinking about investing in a new hot water tank for your home, consider these important facts to get started. Here is a summary of what I tell my clients who are looking to buy a home in the GTA.

Buying Versus Renting a Tank

One of the first questions you may have relates to the option to buy a hot water tank versus rent one. At first glance, renting may seem more cost-effective. However, consider the fact that your hot water tank will need to remain in place as long as you own the home. More than that, many buyers will definitely want to purchase a home that has a permanent tank installed. In addition, there are tax rebates and specials available on purchases that can offset the cost. As you can see, the facts are leaning in favor of a purchase of a new tank rather than leasing one.

Examining Tankless Hot Water Heaters

When you begin comparing prices for different types of hot water heaters, you will notice that there are two main types. These are tank-style hot water tanks and tankless water heaters. Tankless water heaters generally have a higher initial price, but they have a longer life span in the home. More than that, because they do not store heated water around the clock like a tank-style heater does, tankless models are deemed to be more energy efficient. Many people also love them because they provide a steady stream of hot water. You can take a virtually endless shower and enjoy no interruption in the amount of hot water heater you have. However, the heater can only produce so much hot water at a time. With this in mind, if you turn on your washing machine, dishwasher and another shower at the same time, all sources may not receive adequate hot water.

Maintaining Your Tank Over the Years

Once you have determined which model of hot water tank you want in your home and you have made the investment, you understandably want to get the maximum life possible out of your unit. Tank-style hot water heaters generally need to be drained and cleaned approximately once per year. For both models, you can request a plumbing inspection annually to ensure that the unit is operating with peak efficiency and to determine if any pending repair issues require attention.

A new hot water tank may cost you several hundred dollars or more, so you understandably want to make a great buying decision. As you can see, buying is a preferred option over renting. Furthermore, a tankless model has its benefits, but it may not be ideal in all situations. Finally, proper maintenance can help you to get the most life out of your new unit. With these points in mind, you will have a better idea about how to proceed with your hot water heater needs. Call 905-502-1500 to speak to Sam McDadi Real Estate Inc. about all your real estate needs.