Selling a Home with An Oil Tank – What Realtors, Sellers Need to Know
Much of what can be read about oil tanks online are “buyer beware” stories about leaking oil tanks that have ruined the value of their investment, and advice to be as thorough as possible when it comes to making sure an is oil tank out of the ground before closing on a property.
But you own a home in New Jersey with an underground heating oil tank, or perhaps you are a real estate agent working with someone who does, so what should you do about it when you’re getting ready to sell?
It is true that buyers in NJ are more aware of the risks of buried oil tanks than ever. In fact, they usually won’t even be able to secure a mortgage or home owner’s insurance if they’re going to be inheriting one. So, 9 times out of 10, removing the oil tank is going to be in the best interest of the seller. Not only does this prevent buyers from immediately being deterred and not considering to buy in the first place, but it actually can increase the property value and bidding competition as well, potentially covering the cost of the oil tank removal anyway in the long run.
We find that many people are hesitant to get their oil tank removed when getting their homes ready to sell because they too have heard worrisome stories about leaking oil tanks and are nervous about what undertaking the project might ultimately cost. However, the majority of oil tanks that we dig up have not leaked. Even a tank that has corroded and has holes might not have caused sufficient soil contamination to make remediation necessary. In the grand scheme of things, it’s a necessary real estate investment, and likely one of the less costly ones that you will incur when making your home more appealing to the market.
So, how do you choose an oil tank removal company to hire? First, you should know that The New Jersey Underground Storage Tank (UST) regulations (NJAC 7:14B Subchapter 13) “require that all personnel who install, close, test, and design corrosion protection systems for USTs” to acquire a unique certification in order to perform these services. Oil tanks contain toxic chemicals that are harmful both to humans and the environment. The Underground Storage Tank Certification requires individuals to complete specialized training working with the necessary equipment involved as well as a 40-hour health and safety training course. Refresher training courses are required every three years in order to renew this certification. Regardless of who you choose to perform your oil tank removal, be sure that all employees have this necessary designation. A worker that is inexperienced or not up to date on current best practices can put your property at risk for serious harm!
ERC requires rigorous training in addition to the requirements of the NJDEP Tank Certification. Though we have performed hundreds of tank removals over the years, we approach each situation with as much care as if it was our very first job.
While New Jersey has other qualified oil tank removal companies, we are proud to be the state’s market leader. We have been trusted by many realtors as a go-to recommendation whenever an oil tank is encountered. A large reason for this is the competitive flat-rate that we offer. We have seen other contractors attempt to take advantage of sellers by getting them to sign loose contracts and adding on cost after cost once the work is already underway. The end result is the seller ends up paying much more than they had planned. ERC wants our customers to know exactly what they’ll be paying before any commitments are made. Realtors can ensure sellers that our flat-rate is fair, and the best part is that it will not change, so budgets can be planned accordingly.