If you have an oil furnace there is inevitably an oil tank somewhere on — or under — your property. No comprehensive record of their whereabouts exists, and their existence can become an issue at house sale time. Once discovered, usually at inspection or by metal detection scan, they usually lead to remediation prior to the property’s transfer to the new owner.
Most municipalities will insist abandoned oil tanks be rendered inert or removed outright once found. Cost of so doing is generally $1000-$1500; however, a long-abandoned tank may contain contaminated water which will cost an additional $1 per litre to dispose of.
Replacing tanks before they leak has a reasonable cost when contrasted against the environmental and financial expense of a severe leak. And even though the installation of underground tanks is a thing of the past, determining the age of an above ground tank is problematic. Your insurer will want to know it is twenty years or less or they might not underwrite it, or at a minimum will ask you to waive your ‘environmental hazards’ coverage — not prudent on your part, given the potential liability involved.
Any house 1970’s or older should have the lot scanned by a tank service company for the existence of an abandoned tank. If found, have it removed. Given the liability involved, it’s a reasonable thing to do.
August 20th, 2007
With the news that the average price of a local home has now escalated past $500,000, one wonders if there is any way to isolate one cause, one reason, and say “That’s why!” You think it can be put down to plain old supply and demand? Cheap money, a strong economy or a growing population?
I don’t think so.
This from an American website musing on the same phenomenon:
“There’s a boom in property because the Chinese haven’t begun to export houses…and because people don’t trust stocks as much as they used to…and because the Federal Reserve cut rates 13 times in 18 months…and because the dollar is the world’s reserve currency…and because Richard Nixon cut the dollar loose from gold in 1971…and because Congress didn’t know what it was doing…and because General von Kluck took a wrong turn at the Marne River…and because Archduke Ferdinand’s driver lost his way…and because the Indians were defeated…and because the French were defeated by the Engish at Quebec…and because Christopher Columbus made a big mistake…and because industrial development began in Europe rather than in Asia…and because the Crusades put Europeans in touch with Arab civilization…and because someone figured out how to power a boat using the wind…and because there are animals that could be domesticated…and because homo sapiens somehow triumphed over the other species…and because the Earth is neither too hot nor too cold, permitting water to remain in its liquid state…and because the Big Bang didn’t blow us to smithereens!”
There. Hope that helps.
August 23rd, 2007
