If your home has an underground storage tank, there are a few reasons you may want to consider removing it as soon as possible. Leaving the tank in the ground can have environmental, financial, and even legal repercussions in the future.
Potential for Leaks
Most in-ground oil tanks have an average lifespan of 15-20 years. Over time, the moisture and soil around the body of the tank will begin to corrode the metal, and the tank could eventually spring a leak. Since it is buried underground, you will have no way of knowing whether your tank has leaked or not. If oil seeps into the ground, it damages the ecosystem in that area as well as pollutes the groundwater. There are companies that specialize in residential oil tank removal Sullivan County NY that can dig up the tank safely and eliminate these concerns.
Lower Property Value
In many states, it is actually against the law to sell your house with an in-ground tank still in place. Many real estate agencies won’t even consider working with you until the tank is removed. Furthermore, having an in-ground oil tank can substantially lower your property value. If you want to get the most value out of your house–whether you’re selling or not–it is a smart idea to opt for tank removal.
Legal Problems
If your tank does happen to leak, cleaning it up can be extremely expensive. That old rusty tank can cost you up to $100,000 after environmental cleanup, soil testing, legal penalties, and fees. Most home insurance policies don’t cover these costs, so you as the property owner must pay out of pocket. While removing your tank and replacing it with a new one may seem like a costly endeavor at first, it is much cheaper in the long run.
Removing your old in-ground oil tank is a smart and safe way to maximize your home’s value, protect the environment, and save tons of money.