Oil Heat in Oak Park, IL

[dobie]

Thanks for all of the info/suggestions.

Lets say the cost to convert to gas is small. My concern is how to address the two oils storage tanks in the basement. Environmental hazard? Any suggestions/opinions appreciated. Thanks

Oil fired boilers are fairly common here. Basement tanks are preferable to UST (underground storage tanks) and really not considered a hazard. If they leak, and that's rare, they are easily repaired. The newer ones are made of stainless steel , I believe, and double or triple walled and very very safe

Some years ago there was a tragic story of a home in my market where the oil company went to fill the basement tank not knowing that the homeowner had converted to gas - and not removed the outside fill pipe or informed the fuel oil company. Basement was flooded with gallons of fuel oil making the house unlivable. The house was eventually razed and a new home built.

Having said that these types of horror stories are very rare. Oil tanks whether a UST or in the basement are also insurable

 

[Riick]

First, the oil now in the tank is valuable - 200 gallons - $800 or so ??
Any fuel oil company will be more than happy to pump it out - for a fee - and pay you the difference.
Once the oil tank is empty, you could basically forget about it.
If annoying, can be problematic;
w/o a good sized outside entry to basement, it's pretty hard to get them out, you need to cut them up.
((Usually, in that case, they were originally welded together on-site, in the basement.))

Worst case, my guess is that, for a virtually empty tank (no $$ for oil in tank), that needed dis-assembly, removal might be in the $500-$750 range. <shrug>

 

[Walter Kirk]

If the HVAC system is old and in need of replacement you must consider the fact that gas fired systems are cheaper to buy than oil systems. The most efficient gas systems do not require chimneys which could eliminate the need to rebuild the chimney.

The recent run up in the price of #2 fuel may result in buyer resistance to oil heat but I have not seen evidence of that yet.

 

[Deleted member 77547]

Thanks for all of the info/suggestions.

Lets say the cost to convert to gas is small. My concern is how to address the two oils storage tanks in the basement. Environmental hazard? Any suggestions/opinions appreciated. Thanks

Just mention that the tanks exist and include in your comments that you are not an environmental expert yadda yadda. If its a problem with the lender, the underwriter will take it from there.

I did one in West Chicago last spring. The home had been converted from oil to gas FA years ago, but the reportedly empty tank was still in the basement. I mentioned it and moved on, although I did get a call a few weeks later asking me to go out and see if the tank had been removed....and it was. Some lenders don't care, others do.

 

[Brian Weaver]

In the mid 1990s I did an expanded bungalow in Beverly that, at the time, had been converted to forced air from oil. The cost at the time was $10,000 for the conversion. The house was about 1,800 Sq.Ft. above grade. I would imagine near a $20K price tag today.

 

[athome77]

In the mid 1990s I did an expanded bungalow in Beverly that, at the time, had been converted to forced air from oil. The cost at the time was $10,000 for the conversion. The house was about 1,800 Sq.Ft. above grade. I would imagine near a $20K price tag today.

*****yikes*****

 

[dobie]

In the mid 1990s I did an expanded bungalow in Beverly that, at the time, had been converted to forced air from oil. The cost at the time was $10,000 for the conversion. The house was about 1,800 Sq.Ft. above grade. I would imagine near a $20K price tag today.

Wow! Are you sure they weren't converting from HWBB or steam to forced hot air with the added expense of ducting the house?

I mean as long as you are keeping the same method of heat, i.e. hot water, steam or forced warm air that seems excessive. If all you'e doing is swapping out an oil fired boiler (HW or steam) for a gas fired boiler or an oil fired furnace (FWA) for a similar gas fired unit that should only cost $4-5K today.

 

[Riick]

^^^^^^
See what I mean about the HVAC people rippin' and runnin' ???

There's a reason why all the contractors have large trucks parked in front of their beach houses.
:mellow: