Propane Heat Vs Oil Heat In New Jersey

[Diane Giam]

Originally Posted by guidance

If someone in NJ has converted from an underground oil tank to an above-ground, or from an underground oil tank to Gas heating - Please give me an approximate cost.

I'll document and try to have that amount deducted from the home's asking price.

Thanks again!

It was $750 to take the tank out. The grass where it was under had to be replaced, but you could just put dirt and seed. I knew I was selling the house so used Sod which is more expensive.
I paid $1300 for a Roth Tank. you want the best because the tank comes with insurance.
ROTH NORTH AMERICA
You need to have the old one inspected for any leaks. Please don't take a chance.
I don't know what a conversion to gas would be because the town did the roads so there was a 5 year moritoriun on that addition, so not an option.
Diane

[jstar41]

I believe it's between 5 - 10k.. depending if it's underground.. it has to be removed very carefuly as if it leaks it'll be a bigger problem.. they first have to pump out any oil in the tank.. then dig it out carefully and search for any leaks.. if leaks are found then the soil must be treated as it will be contaminated.. good luck!!

[Diane Giam]

Originally Posted by jstar41

I believe it's between 5 - 10k.. depending if it's underground.. it has to be removed very carefuly as if it leaks it'll be a bigger problem.. they first have to pump out any oil in the tank.. then dig it out carefully and search for any leaks.. if leaks are found then the soil must be treated as it will be contaminated.. good luck!!

And may I add that if it Hits groundwater, it could be over $100,000. I really would insist that they remove the tank. I don't like the Idea that its still under the ground. I know some insurance companies will not insure the house, if it hasn't been removed.
I've been thu this so know, its not fun. I had mine removed and the ins picked up most except for replacing soil, grass, deck, front steps. Trust me it was a mess, that you don't want to buy into.
The recent sales on my old block, also sold with the underground tank removed and had DEP papers, no Further Action Required.
Diane

Diane

[guidance]

OK THANKS AGAIN!

1) How common are underground oil tanks? Does everyone convert to aboveground?
2) If I want to get it inspected, I have to purchase the home first? What kind of a condition should be made during the contract signing?

The home I'm interested in is priced at abt $40k below market value...which is a big difference even considering the market downturn...

I'm new to all this so please excuse my excessive questioning. I'm 24 -My husband & I don't know much abt the technical issues w/ homes.. I've learned a lot through research but would like info from actual experiences . Thanks!

[Diane Giam]

Originally Posted by guidance

OK THANKS AGAIN!

1) How common are underground oil tanks? Does everyone convert to aboveground?
2) If I want to get it inspected, I have to purchase the home first? What kind of a condition should be made during the contract signing?

The home I'm interested in is priced at abt $40k below market value...which is a big difference even considering the market downturn...

I'm new to all this so please excuse my excessive questioning. I'm 24 -My husband & I don't know much abt the technical issues w/ homes.. I've learned a lot through research but would like info from actual experiences . Thanks!

I was told you needed to convert from underground to above because most insurance companies will no longer insure a tank that's left under the ground.
Mine leaked, so I went thru a Lenghtly and expensive remediation. My insurance covered all, but putting things back like they were before.
The deck had to be pulled out, and they only gave me an allowance for steps down from Patio. I paid to replace the deck, grass, Above ground Tank, fence.
You can get it inspected during the Attorney Review, You have the option to not go thru with the sale if you see problems that could be costly to you.
Make sure its really $40k below, every house that sold on my block after me , sold for about $25k less/

Here is a Useful Guide, Many of these are Leaky oil tanks

NJDEP SRWM - Known Contaminated Sites in NJ (KCS-NJ)

Diane

[LivininNJ]

Above tanks are relatively safe, and leaks can be noticed, plus a containment pit can be put under the tank.
A friend of mine had to have half the cement floor under the house dug up from an above oil tank. It go hit by a front loader and ruptured, yes the construction company ins paid but what a mess.
That said Oil is still more efficient and safer (less explosive) inside the house than propane or natural gas, thou not as convenient. I do know that some towns are trying to do away with oil tanks(all of them above ground) in trailer parks, and will not let you sell until you convert.