Buying a home can be a fun process. It can be a stressful process, it can be both! Today we are going to look at one of the things that many home buyers in Tacoma do not consider when making an offer on a home, especially a home in the north end of Tacoma. Is there an oil tank on the property? Is it still in use? Does it leak? Has it been decommissioned?
Many of our older homes in Tacoma have or have had in the past oil heat. This means that there is or was an oil tank somewhere on the property. When you purchase the home you will become responsible for the care and maintenance of the oil tank. When you are making a decision to buy a home with an oil tank you should consider having the tank inspected to verify that it has not become compromised. This is not part of the typical home inspection. You will need to have a separate inspection for the oil tank. This inspection should be done even if the home no longer has oil heat. (Assuming there is a tank on the property)
If the home no longer has oil heat but still has an oil tank on the property you have 3 options on how to deal with the situation.
- Ignore the tank. This is not recommended as the tank can leak and create a hazardous waste situation on your property.
- Have the tank removed. This is the option that can possibly be the most work but it will eliminate the problem from your life permanently.
- Decommission the tank. This option has a couple of choices. Depending on your sitatuation you can have the tank decommissioned by having it inspected, pumped, and then filled with cement slurry or possibly a foam mixture. Both options have advantages and disadvantages.
The decommissioning or removal of the oil tank can be a negotiated point of the purchase of the home. Sellers might be willing to pay for the decommissioning or removal or they might be willing to pay for part of it. As the potential buyer you will need to decide how much you are willing to do to buy the home you are considering.
Being an educated consumer is one of the major keys in having a happy and successful real estate transaction. Oil tanks do not need to be a deal breaker but they should be handled pro-actively by both parties to insure a successful transaction.
I will be writing more on the specifics of oil tanks and how to handle them in future posts. You can read more here. Please sign up for our RSS feed to be sure to read all of our posts on Classic Homes Northwest.
When you are ready to buy or sell in the greater Tacoma area we will be ready and able to assist you.
