Day one — the first shower.
- The wait is the same. Hot water still has to travel the pipe from the unit to the tap, and that pipe is full of cold water. If your shower took twenty seconds to run hot before, it takes about twenty seconds now, plus a moment for the unit to fire. If waiting is your actual complaint, tankless doesn't solve it — recirculation does, and that's a separate system.
- Very light flows may not trigger it. Tankless units need a minimum flow rate before they fire, so a barely-open bathroom tap sometimes won't produce hot water at all. Noticeable at low-flow fixtures and when someone runs a tap gently.
- The cold water sandwich, if you cycle a tap. Turn hot water off and back on shortly afterward and you get the hot water still sitting in the pipe, then a slug of cold that passed through before the unit re-fired, then hot again. Modern units with buffer tanks reduce it considerably.