Buying a home can be a stressful decision. It can be almost as stressful as getting a new job, relocating, getting married, or having your first baby. What complicates the decision even further is learning that the home you’ve completely fallen in love with… is heated with oil.
But have no fear! Here are 3 helpful tips to consider when purchasing a home heated with oil. If you follow these tips, the process of purchasing a home with heating oil will be a breeze!
Tip 1: Ask for documentation from the homeowner/seller to ensure whether:
a) There is, indeed, an oil tank on the property.
b) Whether the tank is empty and/or decommissioned.
When buying a home, it is important that you first know if there is a tank present. If an owner doesn’t know if there is a tank on the property, it is beneficial to hire an expert to check for one.
If there is an oil tank present but it is empty, you should ask the seller to provide you with documentation stating that the tank has been emptied. Just because a tank has been emptied does not mean that it has been decommissioned. Decommissioning an oil tank is voluntary. The term decommissioning means taking a tank out of service by cleaning it, removing it from the property, or filling it with inert material.
Tip 2: If there is an oil tank on the property, have a qualified service provider check for leaks.
If there is an active oil tank, then you should take the next precautions to ensure that there are no leaks discovered. You do not want to be held liable for any associated costs from a prior owner. The current owner of the property is responsible for any necessary cleanup, even if the leak occurred before he/she bought the property. This means that YOU will be held accountable for a leak in the tank if you buy a property knowing that an oil tank is present!
Tip 3: Make the decision to stick with heating oil as your main energy source.
Most home buyers are convinced that they should convert to a different energy source if a home currently is heated with oil. However, it is in fact more cost-effective, resourceful, and environmentally truthful to stick with heating oil if a home currently uses that source of energy. These reasons vary from competitive prices, ease of mind, safety, sanitation, comfort, and personal relationships established with oil dealers. Learn more by downloading our Heating Oil Benefit Guide!
If you have any further questions or concerns about buying a home with heating oil, leave a comment. We’d like to hear from you!