Historic Active Listing Count in the LBI NJ Real Estate MarketActive Listings in the Long Beach Island Real Estate Market 2013-2018Long Beach Island Real EstateOne of the major issues facing
Is An Oil Tank Inspection Necessary
Fuel oil was very popular for heating homes back in the 1970's. if your home was built prior to 1975, there is a good chance that oil was once the primary fuel source. Here are some warning signs to tell if your home has a potential oil tank on the property:
Home or building was constructed prior to 1975 and has natural gas heat.
An above ground oil tank provides fuel for heat or hot water.
Pipes are visible sticking up from the ground or driveway at the property.
Extra lines are entering the basement from the outside and do not appear to be productive.
If there is the slightest chance that oil was used, having the ground swept for a tank would be a very wise decision. Prices range in the $300-400 area. A few hundred dollars for piece of mind. if an oil tank is found prior to purchasing your home, the current homeowner would be responsible to have the tank removed and the ground tested to see if there are any leaks or soil contamination. if the soil is contaminated, clean up can run into the 10's if not 100's of thousands of dollars.
If an oil tank inspection is not done prior to the closing on your home, you could be responsible in the future for clean up if it is ever determined to have a tank on the property.
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