If you are going to put it in a basement or other place please make a note to go at least every month and drain the water from the tank, or get an auto drain kit for it. Otherwise you will use it one day and find out that there is no air, only soda water coming out of the pipe.
A tale i heard of was a large industrial plane where, due to some internal reorganisation, there was no person responsible for checking the compressed air tankage weekly. After a few months one process on the other side of the plant started up, which required a large volume of air for normal operation. Turns out the water in the tank had built up to the level of the air outlet, and this large draw drew a large slug of water into the pipe. Half way down the plant this air line had to make a dogleg around a larger pipe assembly, and this water slug, travelling at supersonic speed, did not make the turn with the pipe. Luckily nobody was killed, though there was a very urgent need for underwear in the vicinity.