The electric 87 gallon hot water heater that is in a house we recently purchased was installed in 1992. It is located in the laundry room in the basement.
Our original plan was to replace the hot water heater due to its age. However, a professional who came out to fix a pipe on our well storage tank (located in the same room) recommended “if it ain’t broke don’t fix it” after giving the hot water heater a visual inspection. He stated that the new hot water heaters aren’t built as well. He stated that the copper piping attached to the hot water heater is installed properly and the elements were replaced at some point. There is no surface rust visible. There is no pan under the water heater and no drain attached.

We recently ripped out a large amount of the finished basement (walls to the studs, carpet, etc) as part of our remodeling plan. We of course do not want to finish the area and then face a major water catastrophe due to a hot water heater malfunction.

1. should a hot water heater from 1992 automatically be replaced?

2. there is no easy way to install a drain line. Any suggestions in a concrete basement?

3. if we replace it, what size for a family of 6+?

4. would a tankless avoid the issue of water potentially leaking on new floors and drywall down the road?

5. I’ve heard sometimes tankless can have pressure issues. Better to stick with a traditional?