Buying A Home With An Oil Tank? Here Is What You Need To Know

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April 23rd, 2021

Purchasing a new home is a really exciting process. However, it is important that you do your due diligence so you don’t end up with problems down the line. This is especially important if you are buying a home with an oil tank. Oil tanks are a very effective way to heat a home. Unfortunately, though if the tanks are not properly maintained, they can put your new home at risk for a lot of issues, especially if they are underground. Here is everything you need to know before buying a new home with an oil tank.

Schedule An Inspection

Prior to purchasing the home, make sure to schedule a tank inspection. A professional oil tank inspector will inspect the tank for any signs of damage or corrosion. They will also check the tank fixtures to ensure they are in good working order. Next, they will look for signs of both past and present leaks. Oil tank leaks are especially damaging to the environment and can cost a lot of money to remediate. Finally, they will also check to make sure it is properly heating your home. Once the inspection is complete they will provide a comprehensive report and let you know if the tank is safe or if there needs to be maintenance, repairs, or removal.

What Are My Options If The Oil Tank Is Damaged?

 If the inspector finds the oil tank is dangerous or unsafe, you have a couple of options. The first is to find a different home without these issues. However, if the oil tank damage is the only barrier to your dream home here are some things you can do:

1.    Have the current owner pay to remove and replace the tank as part of the purchasing agreement.

2.    Pay to have the oil tank removed and replaced but ask for a discount on the price of the home to make up for the costs.

3.    Have the oil tank removed and replaced prior to moving in yourself and just incur the costs yourself.

Whichever option you go with depends on your personal comfortability.

How To Have An Oil Tank Replaced

If you have never owned a home with an oil tank before, you may be wondering how to have a damaged oil tank replaced. Replacing an oil tank is not something you can do yourself. The process requires specialized knowledge and heavy machinery. Plus, there are serious risks to your new home if you make a mistake. It is best to leave tank removal and replacement up to the pros.

If you are looking at purchasing a new home with an oil tank, Meridian Environmental Services Inc. can help. We offer professional inspection services that can identify any issues. We’ll also provide all the paperwork necessary to provide to your real estate agent to have the situation remedied. We also can remove and replace oil tanks if needed. To learn more, give us a call and we’ll be happy to talk you through the process. We’ll even help answer any questions about maintaining your new oil tank.