This question is posed for Jacksonville Home Inspectors, and the reply I got was that it is worth your time to do some research and see if you are eligible for a grant or loan to help with the cost of removing the oil tank. If not, I recommend buying the house without the oil tank, as you will have lower financial liabilities.
Jacksonville, Florida, is a city with a lot of oil tanks. Many people don’t know they may have a buried oil tank in their backyard. This can be an expensive financial liability to homeowners if they don’t know about it beforehand. If you decide to buy the house with an oil tank, make sure that it has been pumped out and cleaned up several times before purchasing and that it has been sealed off from any possible leaks. Jacksonville home inspectors help homeowners identify these buried tanks so that they can take preventative measures to avoid them from becoming a financial liability in the future.
A Home With An Oil Tank Can Be A Financial Liability
Oil tanks pose a risk because they are not only expensive to build but also have an inherent risk of leaking over time. This is because oil tanks are made from steel and concrete, which can corrode over time.
An oil tank is typically a storage tank for crude oil or refined petroleum products such as gasoline and diesel fuel. They were mainly used in the 19th century and have since been left underground and mostly forgotten.
An average tank has a lifespan of about 30 years, but there is always a risk for homeowners that it can leak over time. This poses a risk to the environment and the health of the residents because of how much pollution and contamination it can cause.
Oil tanks can leak into underground water sources if they are located above ground level or buried underground. This is why it is important to ensure they are properly sealed and removed from a site they are no longer used.
Permissible Oil Levels That Can Remain In The Ground
Oil levels that are above permissible limits are considered a serious risk to the environment. When this happens, you have to remediate and clean up the whole soil.
The Environmental Protection Agency has set a limit on oil that can remain in the ground before it is too late. This is because the EPA believes that if oil levels are too high, it could be dangerous to people and the environment. Environmental protection agencies are now locating these unused oil tanks to extract Them from the ground below and remove them safely.
Oil Tank Cleanup Costs For Homeowners
Oil tank cleanup cost is the responsibility of the property owner. The oil tanks are the owner’s property, and hence they are responsible for removing them. The state has a program that offers to remove the oil tanks and provide reimbursement for their removal.
Some states require property owners to remove their oil tanks and pay for them to be removed. These states will reimburse you for the cost of removal. The cost of the oil tank cleanup can be a substantial one. In some cases, it can even be more than the property’s value.
The majority of oil tank cleanups are done by the property owner and not an outside party. They are responsible for responsibly removing the tanks and any other hazardous materials and disposing of them.
In many cases, this is a costly process for homeowners. The cost can range from $10,000.00 to $50,000.00 or more depending on the on-site tank and what kind of cleanup is needed to get rid of it properly.
Risks Of Owning A Home With An Oil Tank
Buying a home with an oil tank can be a risky proposition. It’s not like buying a new car where you can see the car and see if it’s in good condition. Most people don’t know what they are getting into when they buy this type of property, which is why it’s important to be informed before buying. It’s also important to note that leaky tanks are more common than most people think and there might be.
-There are insurance companies that will not write policies for properties with oil tanks, which means that you may be paying more for coverage if you have one. The only way to avoid this is by having the tank removed before purchasing the property.
-Oil tanks can be dangerous and should be in places that won’t cause damage or injury. If you do decide to buy a home with an oil tank, make sure it’s in a safe place and that it’s covered by insurance!
-Many mortgage lenders are hesitant to provide loans for homes with oil tanks because of the long-term risks involved. In addition, some lenders require that the tank be removed before closing on a loan.
Many people are considering buying a home with an oil tank. But is it the best idea? The short answer is no. It’s not just the liability that makes it a bad idea, but also the cost. Get your prospective home checked through Home Inspectors in Jacksonville, Florida, to ensure you don’t end up buying a home with an oil tank removal cost that may be even more than the worth of the home itself.