Many buyers become hesitant when they learn a property has an underground oil tank. Even if you're certain the tank is sound and not leaking, you may still want to consider removing it. Here are a few reasons why removing the tank can make more sense for sellers.
1. Underground Oil Tanks Require Constant Maintenance
A buyer will balk at the sheer amount of work required to maintain an underground oil tank. An oil tank leak is an environmental disaster. A leak can also become quite expensive for a homeowner to deal with. If the oil tank lacks easy access, then problems can build up long before anyone decides to check on how the tank is doing.
2. Underground Oil Tanks Always Require Specialists
If the property makes use of the oil tank, the tank will require licensed professionals for all issues, large or small. The costs of fixing a small problem can skyrocket. This is especially true in areas where oil tanks fall under strict regulations.
3. Underground Oil Tanks Can Still Cause Problems after Filling
Many people think filling in the oil tank eliminates any potential issues. Occasionally, filling a tank does help, but there are many caveats. For example, filling the tank without having the soil inspected can mean the ground already experienced contamination. In addition, filling a tank improperly can cause it to collapse later on.
4. Underground Oil Tanks Require a Lot of Official Paperwork
As the seller, you will have to provide a report from a certified environment company as well as verifiable lab results. If you cannot provide the buyer with that information, they will have to pay for the inspection themselves. Many would rather move on to the next property instead.
5. Underground Oil Tanks Can Scare Away Mortgage and Insurance Companies
These days, mortgage companies tend to shy away from lending to those considering a home with an underground oil tank. Equally, some insurance companies will not insure such homes or pay for anything remotely associated with the tank.
Some insurers and lenders will deal with properties that have tanks. However, if you want to give your property the best chance, then consider getting rid of the tank.
In a best-case scenario, with no leakage and a fully decommissioned tank on the property, buyers may still tread cautiously. A lot of stigma comes with having an underground oil tank on the property, and buyers will often steer clear no matter what.
Don't let your property sit idle because of your underground oil tank. Contact a professional oil tank removal service like A & A Oil Recovery Co and ask about your options.Share