If you have an underground oil tank on your property, chances are at some point you are going to have to confront the big question: Is this oil tank going to affect my property values?
Don’t worry, you’re not alone. The New Jersey Fuel Merchants Association estimates there are over 120,000 oil tanks buried on residential properties in New Jersey. That figure is shrinking as property owners replace them with aboveground tanks or switch to natural gas, but there are still many thousands out there.
Oil tank removal NJ is a booming business right now because of this, with Garden State companies doing brisk business offering their services. The reason is simple: Yes, that tank will impact your property values.
In a real estate market that is finally starting to recover from its crash several years ago, that’s bad news for property owners with tanks on their land.
And remember, it doesn’t matter if the tank is in great shape right now. At issue is what happens with these tanks after being in the ground for many years. Underground Storage Tanks do not last forever. These tanks can corrode. Corrosion causes leaks. Leaks cause pollution. And when there is pollution the property owner may be responsible for any environmental contamination caused as a result of the oil leak.
That is why oil tank removal is a growing business in New Jersey. Sellers don’t want them on their property when it comes time to sell, and buyers don’t want them on the property they are looking to buy. Property owners are discovering that an underground oil tank can be a problem when it comes to finalizing a real estate deal. Knowing the potential long-term problems associated with these tanks, their existence can cause potential buyers to balk. They just don’t want to invest in a property that they think might have hidden costs. Would you?
According to Realtors in NJ, most people say no.
The good news is, even if there is a tank on your property, you may not have to bear all, or even any, of the cost to have it removed. That’s because there are grants offered by the State of New Jersey that can assist with the expense.
Property owners can get grants via the New Jersey Underground Storage Tank fund program to assist with the costs associated with oil tank remediation. An oil tank removal NJ company will have to assist you with the paperwork and applications, which can at times being a drawn out process, but in the long term the wait will be worth it.
The removal process itself is quick and painless. Your chosen contractors will locate the oil tank, determine whether or not they can use a backhoe in the removal process, and then start digging. The actual process itself can take about three to four hours, as long as manual digging is not required. After that, the oil tank will be hauled off and removed from your land forever.
When you consider the long-term ramifications of having the tank on your property and how it will impact your ability to sell in the future, investing in tank removal now before there is a problem just makes good sense.
