Homeowners in the market for a water heater should understand why a tankless water heater may be a wise choice for their home.

As their name suggests, tankless water heaters don't have a tank. Therefore, calculating the right size for a household is slightly trickier than with tank water heaters. A smaller tankless water heater might be more affordable, but it may not handle your household's water usage.

Tankless water heaters have become less of a 'luxury appliance' with the advances that have been made in the plumbing industry.