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6 Things to Consider Before Installing a Tankless Water Heater

6 Things to Consider Before Installing a Tankless Water Heater

Are you in the market for a new water heater? Are you thinking about going tankless? If your answer is yes, then you have probably heard about its energy-saving features. But, before you run out and buy one, make sure you know the facts as there’s a lot more to know. Here are six things about tankless water heaters to consider before installation.

Initial Cost

Money

    Image via Flickr by 401(k) 2013

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    One of the first things to consider when comparing traditional water heaters with tankless water heaters is their difference in cost. Prices range anywhere from the low $200s to over $3,000, and that does not include installation costs. Plus, you get what you pay for — don’t expect a $200 tankless water heater to supply enough hot water for a large home quickly.

    Multitasking

    Tankless water heaters are ideal for homes that do not need multiple hot water sources running at the same time. If you want to multitask with a tankless water heater, consider purchasing a larger unit to make sure there is enough hot water to meet your needs. Additionally, be aware that water temperatures may fluctuate as the heating coils keep up with the output of water.

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    Storage Tank Option

    Although many people like tankless water heaters because of their lack of tank, it is important to consider whether you want a water storage tank. If you like having instantaneous hot water, or you plan on multitasking, you will want to think about adding a storage tank. Storage tanks vary in size and accommodate a range of needs.

    Energy-Saving

    It is only natural to want to save money, and Energy Star statistics state that a tankless water heater will save you an average of $95 per year compared to an energy-saving conventional water heater that can save you $20 per year. Although that may not seem like a large savings, it amounts to approximately $1,500 more saved over a lifetime.

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    Space Saving

    A newer trend among builders and homeowners is to maximize every square foot of a home. Not that there was a ton of wasted space in the past, but spaces such as under the stairs, utility closets, and garage space are now optimized for use. A standard water heater requires several square feet of space both in diameter and in height for it to exist. However, a tankless water heater is wall mounted and leaves plenty of room for you to use the extra space for storage or other utility. Plus, if you are looking to sell your home and you have a tankless water heater, you have more usable space, which increases the value of your home.

    Repairs

    Tankless water heaters have many more parts than traditional water heaters. What does this mean? There is the potential for more repairs and thus more repair costs. You may say “that’s no big deal because the warranty will cover it,” but are you sure? Many companies are not offering warranties on these products because they haven’t been around long enough to know how long they will last, and many manufacturers are out of business before a repair is needed.

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    So ask yourself, “Am I going to save more money in energy savings than I am going to spend on repairs?” If the answer is yes, great. If the answer is no, then you have to base your tankless water heater decision on the other factors.

    As you can see, there is a lot to consider when choosing whether to install a tankless water heater. Don’t make this decision based on product hype — know the facts, and base your decision on what is best for your home.

    Featured photo credit: Image via Flickr by 401(k) 2013 via flickr.com

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    Last Updated on January 21, 2020

    How to Develop a Millionaire Mindset in 6 Simple Steps

    How to Develop a Millionaire Mindset in 6 Simple Steps

    We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

    It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

    How do you go about developing that millionaire mindset? By following these simple steps:

    1. Focus On What You Want – And Take It!

    So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

    Millionaires play to win, not to avoid defeat.

    This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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    2. Become Goal-Orientated

    It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

    Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

    Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

    Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

    You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

    If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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    If you are to become a millionaire, you need to start accumulating money.

    Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

    3. Don’t Spend Your Money – Invest It

    The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

    Stop working for your money and make your money work for you.

    Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

    There’s not just the stock market — there’s also property, and your own education.

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    4. Never Stop Learning

    The best thing you can invest in is yourself.

    Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

    Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

    Learn everything you can about how economics works, how the stocks markets work, how they trend.

    Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

    Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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    5. Think Big

    While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

    There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

    Aim for the stars, if you fail you’ll still be over the moon.

    6. Enjoy the Attention

    To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

    Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

    If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

    Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

    More About Thinking Smart

    Featured photo credit: Austin Distel via unsplash.com

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