Over time, oil tanks deteriorate, and corrosion can lead to leakage. This can cause soil contamination and expensive remediation services.
Additionally, it’s difficult for a home buyer to obtain a mortgage or insurance policy if an underground oil tank is present.
Homeowners who ignore their buried oil tanks will run into issues in the future. These can range from safety risks to new construction that may limit access.
Homeowners
Over time, buried oil tanks can leak and cause contamination of soil on the property. Getting these tanks removed can prevent future problems for homeowners. In some cases, homeowners who hire an environmental contractor to do the work may be able to get this service covered by their home insurance policy.
This is especially true for those with old underground tanks that have been abandoned and decommissioned. Buyers often require proof that these tanks were correctly decommissioned before purchasing the property.
Having these tanks removed as soon as homeowners decide to stop using heating oil can make it easier for them to add an addition to their home, for instance. It can also help them save money on home insurance premiums.
These savings can be substantial over time. Also, homeowners can have insurers cover any necessary remediation costs if a leak occurs on the property. In most cases, however, this coverage isn’t included in standard homeowner policies.
Property Owners
Homeowners can benefit from oil tank removal Westchester County NY, by not worrying about losing heat and incurring costly soil contamination remediation services if the old tank leaks. Also, if they decide to sell their property in the future, realtors will recommend replacing the old tank to ensure that potential buyers don’t have any issues with their purchase.
The best time to remove an underground heating oil tank is when it’s still in good condition and before the owner starts planning any major renovations on their property. For example, if they build on top of the tank, it will be costly to remove in the future due to new obstructions and limitations.
Additionally, many towns require a permit to remove an oil tank, and the process can be a lot more complicated and expensive when a buried oil tank is involved. For this reason, homeowners should research and obtain quotes from multiple companies to ensure they get a fair price for the work.
Landlords
The days of oil heating are long gone, but many properties still have underground oil tanks. These are dangerous and can contaminate soil, posing severe health and safety risks.
In addition, having an underground oil tank on your property makes it more challenging to sell your house. Many banks will not provide mortgages for properties with an oil tank, and insurance companies will decline coverage.
If you have an underground oil tank and want to sell your house, you must remove it. Hiring a professional service will ensure the tank is safely removed, and any contaminants in the soil are treated and cleaned. This process may take a few days but will not cause any damage to your home or garden.
The tank removal company will also replace the soil that was disturbed. In addition, the process is less expensive than if the tank is above ground. This is because it doesn’t require the tank to be excavated or dismantled in the basement.
Real Estate Agents
If you’re a real estate agent working with sellers, removing the buried oil tank before closing the property is a good idea. This can prevent complications during the inspection process, save you time and money in the long run, and help protect your client.
Most mortgage and home insurance companies won’t work with homes with leaking underground oil tanks. This can make selling a home challenging and expensive.
Additionally, many homebuyers will request that the seller deals with the buried oil tank removal before closing. This isn’t uncommon, as buyers want to avoid the costs of a potential leak or contamination.
