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Oil Heat - an item of functional obsolescence

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Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
Recently did an REO that had oil FWA heating system.
As for me, given the price of diesel / heating oil, there is no way I would buy that house
unless I factored in the cost to convert to heat-pump + probably propane as a backup in my offer.
I was thinking that the average buyer might feel the same way.
Anyone else with an opinion, or g-d help us some hard data??
 

Andy Taylor

Member
Joined
Sep 22, 2003
Professional Status
Certified General Appraiser
State
North Carolina
No hard data but have noticed that rentals houses that we own with oil fired furnaces are becoming more difficult to rent. We have started to bite the bullet and convert them over to heat pumps.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Not common in MY MARKET.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
I was thinking that the average buyer might feel the same way.

closed sales retro 2 yrs {including new homes} and active listings.......will tell u market demand/reaction.
 

Tim Schneider

Member
Joined
Feb 8, 2007
Professional Status
Certified Residential Appraiser
State
Wisconsin
Oil heat still very common here. New oil furnaces are some of the most effecient of all forced air systems. The heat they produce does not seem as dry either.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
You obviosuly haven't priced propane lately if you think oil is so high as to create obsolescence. I paid 349.9 a gallon for LP in December.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
My house is heated by natural gas. Ouch! dont' think it would make much difference around here since natural gas is so common.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
Oil heat still very common here.
New oil furnaces are some of the most efficient of all forced air systems.
The heat they produce does not seem as dry either.
Tell me more!
A friend of mine who has an OLD oil FWA system was told by heater guy that
max efficiency available for oil is around 85%, so do not bother to modify current system.
 

The Dog

Senior Member
Joined
Apr 18, 2005
Professional Status
Certified General Appraiser
State
Oregon
Just ordered 300 Gallons of Oil for next winter heat. That will run from September to April/May. Price is $4.45 per gallon for a total of $1,335 for the period, or $5.56 per day for two Monitor heaters heating a 3,800 sqft three story home. I cannot find anything more fuel efficient than the new monitor heat. Power is inexpensive on the west coast, but before I ran the monitor heating system, my average power bill was over $400 a month. Now we are down to less than $100 on average.

For me not having oil heat would be a functional problem. I guess it depends where you are located to determine if it is a functional problem or not

Just for Fun. Filled the propane tanks for cook stove today at $3.75 per gallon.
 
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