How Oil Tank Removal Can Increase Your Property Value

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The Risks and Costs of Keeping Underground Oil Tanks

Having an underground oil tank on your property may have seemed like a good idea when you first installed it. It allowed you to keep your oil supply out of sight, and you didn’t have to worry about refilling your tank as frequently. However, underground oil tanks come with a long list of potential problems and hazards, many of which can negate any benefits they may have provided in the past.

Oil spills: Underground oil tanks can suffer leaks without the owner’s knowledge, resulting in oil spills that can contaminate the soil and groundwater in the surrounding area. The New Jersey Department of Environmental Protection claims that cleaning up an oil spill can cost as much as $500,000.

Removal costs: Some homeowners assume that removing an unused underground oil tank is too expensive or complicated a process to undertake. However, inaction can hurt you in the long run. Cleaning up contamination from a leaking tank can be far more expensive than removing the offending tank before it causes any damage.

Lawsuits and loss of property value: If the oil from your underground tank contaminates the area around your home, you may be held liable for any harm it causes. Additionally, you may have to disclose to potential buyers that your property was contaminated, which can cause the property value to plummet.

Given these risks, it’s worth considering the benefits of removing an underground oil tank sooner rather than later.

The Advantages of Removing Underground Oil Tanks for Property Value

Some homeowners are hesitant to remove underground oil tanks because they assume that doing so will leave them without a reliable source of heat. However, there are several advantages to removing the tank that can outweigh any inconvenience that may be caused by switching to a different heating source.

Increased property value: Removing an underground oil tank can increase your property’s value by between 5 and 10%, as well as make your property more attractive to potential buyers.

Reduced liability risks: Removing the tank can significantly reduce your liability risks. You’ll no longer have to worry about contamination or legal action taken against you if the tank leaks or causes environmental damage.

Peace of mind: Removing an underground oil tank can give you peace of mind that you’re not putting the environment (and your bank account) in jeopardy by having it on your property.

How the Removal Process Works

If you’ve decided to go ahead with removing your underground oil tank, the first step is to contact a reputable environmental services company with experience in underground tank removal. After assessing the specifics of your situation, a professional will work with you to create a plan for removing the tank that fits your needs and budget.

Most oil tank removal jobs involve the following steps:

Excavation of the contaminated soil: The area around the underground oil tank will be dug up so that the contaminated soil can be removed and disposed of.

Removal of the oil tank: The tank itself will be removed from the ground using a variety of methods, depending on the specifics of the tank and the site.

Site restoration: After the contaminated soil and tank have been removed, the site will be restored, often including backfilling with clean soil and topsoil, grading, and reseeding if necessary.

Conclusion: Don’t Let an Underground Oil Tank Bring Down Your Property Value

Removing an underground oil tank may seem like an unnecessary expense, but it can significantly boost your property value and reduce your liability risks in the long run. Plus, it can help you sleep a little easier knowing that you’re not putting yourself, your property, or the environment in danger.

Whether you’re thinking of selling or just want to take a prudent step in protecting your property, consider hiring a reputable environmental services company to assess your situation and help you make the right decision. For an improved comprehension of the topic, make certain to visit this expertly curated external source. https://www.commtank.com/services/oil-tank-removals-ma/, it’s filled with worthwhile details to enhance your reading experience.

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How Oil Tank Removal Can Increase Your Property Value