Since January 1, 2013 in Ontario, the Technical Standards and Safety Authority (TSSA) has required that all new fuel oil storage tanks, for both indoor and outdoor installations, be manufactured with double bottom or double wall, or be provided with an approved tank. secondary containment.
HIGHER REPLACEMENT COST
When negotiating the purchase and sale of a home, REALTORS should keep in mind that the cost of removing the oil tank and replacing it with one of these new tanks will be at least $ 1000.00 more than you may have been used to.
* Before finalizing a purchase or sale agreement, be sure to contact one or more local fuel suppliers or heating contractors to verify the current cost of fuel storage tank replacement in your local area. *
AN INTERESTING ALTERNATIVE
If a home buyer can’t get a new insurance policy for a pre-existing tank, and if the seller agrees to replace the tank before closing, that’s pretty straightforward.
However, if the homebuyer is going to replace the tank, either as a result of a price discount or a cash allowance from the seller, or out of his own pocket, it might make sense to look at the age of the heating system first. If an oil furnace is very new, let’s say it is five years old or less, the most profitable option right away could be to simply change the storage tank, at a cost of around $ 2000.00 usually, and we are back. in business, and our heating system has a long life ahead of it.
However, if the oil furnace is older, say 15 years or more, or if the chimney serving the furnace requires repair, lining, or replacement, then if the home buyer is in a position to increase the other half of the cost , it might make more sense to invest the money in a high-efficiency propane oven.
WHAT ARE THE BENEFITS?
A high-efficiency natural gas or propane furnace, starting at $ 3,500.00 installed, will cost less money to operate, you don’t need an expensive oil storage tank, and you don’t even need a fireplace.
For more information on these new requirements, visit http://www.tssa.org
For more pricing information, you can google “double wall oil tank price”. Be sure to include the name of your city and province for more accurate information.
For an excellent list of these and other home improvement costs, visit http://www.carsondunlop.com