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Should I Buy a House with an Underground Oil Tank?

If you are considering buying a home with an underground oil tank, there are some important factors to consider. An underground oil tank can be both beneficial and detrimental when it comes to your home’s value.

Understanding the risks associated with owning an underground oil tank is essential for making an informed decision.

Pros of Owning an Underground Oil Tank

The main benefit of owning a home with an underground oil tank is that it can significantly reduce energy bills. An underground oil tank is insulated from the cold winter air, which keeps its contents from freezing. It also enables it to hold more fuel than above-ground tanks that are exposed to the elements.

Additionally, if you decide to switch from heating oil to natural gas or propane in the future, converting your existing system will be much less expensive.  Starting from scratch can be very, very costly.

Cons of Owning an Underground Oil Tank

On the downside, owning a home with an underground oil tank carries certain risks. Tanks can corrode over time and leak hazardous material into the surrounding soil and groundwater.

In addition, if your tank has been idle for years, debris will accumulate at the bottom of the tank. This can cause clogs in pipes and other components of your heating system. It can also result in costly repairs or replacements down the line.

Inspections & Regulations

When purchasing a home with an existing underground oil tank, it is important to have it inspected by a professional before signing any paperwork. The inspector will check for signs of corrosion or damage and provide recommendations.

They will help identify any necessary repairs or replacements before you move forward with the purchase of the property.

Additionally, there may be local regulations regarding storage tanks that must be taken into consideration prior to closing on your new home.

Be sure to research any applicable laws before making a final decision about whether or not to buy a house with an underground oil tank.

Conclusion

Buying a home with an underground oil tank can provide many benefits! But also carries certain risks that need to be carefully considered prior to making this type of purchase decision.

It is important to have any existing tanks inspected by a professional before you close on your new property.

You should familiarize yourself with any relevant local regulations regarding storage tanks as well as potential costs associated with maintenance and repairs down the line.

Doing so will help ensure that you make an educated decision when deciding whether or not buying a house with an underground oil tank is right for you.

But there is more you need to know about buying a home that will help protect you! So check out step by step home buying process.