What is Your UST Doing to Your Property Value?
We at Optima love to throw around the phrase "Yank that Tank!" This is more than just a marketing slogan to us, it’s our mantra. We mean it when we say it: No More Oil in the Soil! It is part of our mission to remove all Underground Storage Tanks from the communities we service, before they rupture. And if there’s one thing we’ve learned in this business, it’s that on a long enough timeline ::spoiler alert:: they all rupture!
The United States’ Environmental Protection Agency conducted a study in 2016 looking into Underground Storage Tank releases in the US. These releases occurred across all segments of the United States from 1985 to 2013, including some right here in our own backyards. With a wide range of dates and a wide range of locations, one thing became quickly apparent...
On average, the property values depreciated by 3% to 6% when an Underground Storage Tank had been compromised! A leaking Underground Storage Tank will depreciate the value of your property and your neighbors’ in addition to the costly remediation and soil removal. Our approach is simple: better to remove the tank now, than cross our fingers and pray not to have a rupture in the future.
Unfortunately, Optima has been called in all too often to help remediate properties simply because homeowners in our area thought to themselves: "It’s been fine so far, why worry?" or "Ehh...I'll do it later." These things are real problems, and all of us (You, Your Neighbors, and the Environment) will be better off with these tanks out of the ground.
Not-so-fun fact: The EPA’s noted value decrease extended across property lines. In other words, if your neighbor has an Underground Storage Tank, your property value is currently subject to a downward adjustment if any release event were to occur. Most real estate and insurance professionals have been aware of this fact for a long time, and in 2017, most insurance companies and real estate brokers will not underwrite the sale of a property if an Underground Storage Tank is present! The EPA report further noted that property values did eventually bounce back, by 4% to 9% after cleanup of a ruptured Underground Storage Tank, but it takes almost 5 years after the oil release to realize any return of value! These stats applied to the target property AND to properties within 1 to 2 miles of the property.
Therefore, please, for the sake of our environment and all of our financial well-being, YANK THAT TANK BEFORE THERE’S OIL IN THE SOIL!
So, next time you're thinking of putting off that underground tank removal, consider the effect it’s having on your home investment and your neighbors. If you know your neighbors have an Underground Storage Tank, keep in mind that just because it’s not on your property, doesn't mean it can’t be a problem for you later down the line.
We’re in this together. No more Underground Storage Tanks in our area. Optima will not stop until all of the tanks have been yanked!
If you'd like to read more on the EPA study, please follow the link below: https://www.epa.gov/sites/production/files/2016-05/documents/2016-01.pdf