Oil tank removal is a costly endeavor. But it’s better to address this issue proactively than wait until you need to sell your home and are forced into the process by a reluctant mortgage or home insurance company.
Certain ingredients to consider in an oil tank removal price quote include permit fees, liquid disposal charges, and laboratory analysis.
Environmental Issues
Underground oil tanks tend to leak contaminated soil that can be hazardous to living things such as plants, animals, and humans. When this happens, it can be costly and time-consuming to correct.
Homeowners that do not remove leaking oil tanks risk future environmental issues that can affect the property value of their homes. In addition, homeowners who are planning on selling their properties may have trouble getting a mortgage because of the potential hidden costs associated with removing an oil tank.
Many home buyers insist on oil tank removal Westchester County NY, before buying properties. This can be due to local regulations or the health risks associated with a leaking oil tank. Homeowners should have their oil tanks removed by professional contractors to prevent future environmental issues.
Health Issues
Over time, rust, water, and other refuse will settle into the bottom of an underground oil tank to create a thick sludge. Once removed, the sludge is mixed with foam or concrete to fill and seal the tank. This will then be buried and capped, making it challenging to locate.
If a leak occurs, it can contaminate the soil surrounding the home and cause health problems for anyone living there. Leaking tanks can also contaminate nearby water sources.
This is why homeowners must have their old oil tanks removed as soon as possible. It can help them avoid costly soil remediation services in the future and may save them from having potential buyers turn down their property due to an underground oil tank.
Insurance Issues
Many insurance companies refuse to cover a home with an underground oil tank on its property. This can be a significant problem for homeowners who wish to sell their homes in the future.
To get insurance coverage, homeowners must have the tanks removed. Even if the tanks are decommissioned and empty, they can still leak.
This can lead to substantial contamination issues in the soil. It is mainly a problem for homes that use well water, as the contamination can seep into reservoirs and make them poisonous. Ultimately, this can leave the homeowner liable for the entire remediation cost. For these reasons, real estate agents recommend removing the tanks before selling a house. Mortgage and insurance companies also require that they be removed before a sale occurs.
Legal Issues
Many homeowners have trouble selling their homes when an underground oil tank is discovered. Many buyers refuse to buy homes with old buried oil tanks on the property.
Homeowners should consider getting their old oil tanks removed before they decide to sell their homes. This can save them the hassle of putting in a clause in their sale contract that states that an old oil tank has to be removed.
Homeowners must also refrain from assuming that an underground heating oil tank is properly decommissioned just because the town or municipality has provided them with permits and reports. Homeowners should test the soil around the buried oil tank to ensure no contamination.
Financial Issues
Abandoned oil tanks can seriously affect home value and are often a central sticking point for mortgage or insurance companies. Many realtors will advise clients against purchasing a home with an underground tank or will make it part of the contract that the seller has one removed before closing on the property.
Underground tanks can be expensive to remove, especially if they are leaking. Homeowners should consult a licensed, professional company to safely and adequately remove these old tanks. They may also need the surrounding soil tested for contamination and remediation services. It is a good idea to get an estimate from several different companies for the cost of this work. This will ensure that you are appropriately charged for the service.
