Why should a person interested in buying an older home be concerned about home heating oil underground storage tanks (USTs)?
Most older homes (those built prior to 1960) were heated by fuel oil. The heating systems in many of these homes have since been converted to natural gas. The USTs were usually left in place and frequently forgotten. About 80% of the USTs installed prior to 1970 have leaked, so chances are that contamination exists on these older properties. Although a property owner may have never used the UST, the State will hold the current property owner liable for any necessary assessment and cleanup of contaminated soils and groundwater. The cost for assessment and cleanup of contaminated soil and/or groundwater could easily run $10,000 to $20,000.
Related Questions
- For those buying an older home, how can they be sure there’s not an abandoned heating oil tank buried in the yard or under a new addition?
- Would interning at a local home furnishings business or interior design firm be realistic for an older person?
- The Seller indicated theres an underground heating oil storage tank. Should I be concerned?
