For the first time in my life after decades of owning homes we have a tankless water heater in our new home of 6 months old.
After living with it for 6 months I can say without doubt I prefer a 50 gallon water heater. We never ran out of hot water with a 50 gallon heater. It's maintenance free pretty much just replace every 10 to 15 years.
The tankless heater works fine in our new home but will REQUIRE as much as annual coil cleanings depending on your water supply.
As another commented, forget about ever turning on the faucet expecting hot water anytime soon. I do not think they save any money, I most likely run and waste more water than ever waiting for the hot water to wash my hands and actually just turn on the cold water for that and my toothbrush or else I am firing up the tankless heater only to turn off the water before I get any hot water *LOL*.
It's a well known brand Rannai and its not bad but I dont get the point of it when I can have 50 gallons of hot water ready for me all the time and not have to have the coils cleaned to maintain the hot water.
It is true that it saves space and that maybe important in some homes, including our new home, but if your someone with a basement I wouldnt replace a standard water heater with a tankless. For the cost and installation of the tankless and maintenance over ten years it would exceed replacing a standard heater every 10 years I would think.
To me, tankless is a cost saving measure for new home builders and a 50 gallon standard water heater is the new luxury.