Location of Oil Tank

**K_M_McMahon** · 06-10-2009, 09:23 PM

Hello,

I am planning on selling my current house in about 4 years. My furnace runs on heating oil. I have discovered that my tank is very very old and in need of being replaced. It is currently taking up a large corner area of my unfinished basement.

When I go to have it replaced, I have the option of having the new tank put in the same spot in the basement OR having it placed outside under the deck. Personally, I like the idea of moving it outside as it would free up basement space and since the tank is under the deck it doesn't eat up any yard space either!

However, since I am planning on selling the home in a relatively short period I want to consider the effect on potential buyers. Does it make a difference where the tank is from a house-value perspective?

If it helps the home is in Maryland, is an older 1940's Cape Cod on .25 acre....

Thanks for taking the time to read this!
-Kevin

**craig** · 06-11-2009, 11:11 AM

First is this Kevin from Middletown? That being said you know how to get in touch with me if you need assistance.
It is generally preference to where people would prefer to have the oil tank. Generally you need a thicker metal for the outdoor ones and it may cost you a little more to purchase and prepare the site to sit the tank. Some people would prefer to have it outside to give a little more space in the basment as you said while others may not like the appearance of it being outside especially in plain sight and to keep the elements off of it.
I generally don't think it's going to affect value either way but if it will be seen easily from the exterior I would prefer that it be kept in the basement to give it better curb appeal. Does the basement have potential of being finished? Being an older home it may not be as practical.

Later

**K_M_McMahon** · 06-15-2009, 09:11 PM

Thanks for taking the time to answer Craig! I really appreciate it and I'll make sure it is not obvious from the street!

And nope, this isn't Kevin from Middletown... this is Kevin from Laurel and now Bowie!

-Kevin

Originally Posted by craig

First is this Kevin from Middletown? That being said you know how to get in touch with me if you need assistance.
It is generally preference to where people would prefer to have the oil tank. Generally you need a thicker metal for the outdoor ones and it may cost you a little more to purchase and prepare the site to sit the tank. Some people would prefer to have it outside to give a little more space in the basment as you said while others may not like the appearance of it being outside especially in plain sight and to keep the elements off of it.
I generally don't think it's going to affect value either way but if it will be seen easily from the exterior I would prefer that it be kept in the basement to give it better curb appeal. Does the basement have potential of being finished? Being an older home it may not be as practical.

Later

**REITrainingWhse** · 06-16-2009, 07:35 AM

Originally Posted by K_M_McMahon

Thanks for taking the time to answer Craig! I really appreciate it and I'll make sure it is not obvious from the street!

Well, you should really consider the next thing, as what is "common" there? Is it 50-50 (outside vs. inside?) Is it 30-70? Is it 5-95? Do what is "common" as you don't want an house that is "different."

Then you need to ask yourself, what about maintenance? If it is outside, you will need to paint it once in a while, to protect it from rusting... Generally not necessary when stored inside. How is the level of the tank read? Do they need to go outside, or is there an guage inside the house? (Is it convenient to see the level?) Remember, to protect the tank from rusting out, it needs to be 1/4 fill (AT LEAST) at all times, even Summer.

How much will it cost to prepare the area that the tank will be located? And here is a biggie... What will it cost the homeowner, if the tank DOES leak. If the tank is inside, you will notice it right away, well unless you don't go in the basement a lot. If it is outside, you won't notice it, unless you inspect the tank. So you can resolve the leak right away... If outside, the tank could have dropped it's contents, and now you have a EPA situation.

In short, when I look at a house, and it has underground oil tanks, I say "NO THANKS!" I only buy houses (that use oil) that have the tanks in the basement; as I will gladly give up the small space, to have the peace-of-mind that I am not going to have issues in the future in either selling, maintenance or checking fuel levels.

Well, that is MY opinion.

Later!

**mre0609** · 06-18-2009, 12:01 PM

As someone who is currently buying a home with an oil tank, I think the buyers will prefer that it is outside. The home I am under contract for has the oil tank outside, and that is one of the first questions the Insurance Agency asked me when I got a quote. The insurance rate is higher if the tank is located inside or buried. But that is just from a buyer's point of view.

**REITrainingWhse** · 06-18-2009, 09:45 PM

Really? I was never asked if the tank was inside or outside, in all my places that I have insured... Maybe it is regional.

Well half a dozen of one, six of another... Personally, I like the tanks where I can easily inspect them, and are hard to become an EPA hazard, but that is just me.

Later!