Home Buying in 07003>Question Details

Aiden08, Home Buyer in Bloomfield, NJ

What cost more, Oil heat or gas heat?

Asked by Aiden08, Bloomfield, NJ Wed Jun 6, 2012

I am looking for a house to purchase and i found the house i like. However it has an oil tank (above ground) which is 5yrs old. My question is, what cost more oil or gas heat? And is oil heating safe for children?

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Answers

8
Carl Witzig’s answer
Is your real question, how much does it cost to convert oil to gas heat? Will you buy it if the seller converts to gas? Sounds like you need a realtor to help you as a buyer. If you are not working with one already, I can help you. Contact me- Carl Witzig, Weichert, Upper Montclair 973 632-8593.
0 votes Thank Flag Link Wed Jun 6, 2012
Very interesting question- and important to try and clearly resolve what you are comfortable with now - as you can include your resolution in the negotiations with the seller.

Both fuels will work but gas is preferred. Though the tank is above ground, oil will increasingly affect the resale value of your house. More natural gas is being discovered locally all the time- can we assume oil prices will keep raising.

See if you can get both a lower price for the house because of the oil and a Sellers concession to offset your closing costs and use the $$$ to replace the oil with gas. Approximate cost $7,500/9,000 including removal and anything additional like a exhaust lining.

All that said, oil does work and if the house is such a good deal- you can buy now and consider these options later.

If you are working with an agent, get some advice on all this- if not, consider getting an agent. You might be better off to have your own buyer's agent to eliminate conflicts.

Very best of luck! Best wishes for a Happy New Year!

Alan
0 votes Thank Flag Link Wed Dec 26, 2012
Gas, which is known as 'the silent killer' and is the leading cause of death from carbon monoxide poisoning in the U.S. "SAFETY FIRST".

With all that said...Gas is cheaper.
0 votes Thank Flag Link Sat Nov 10, 2012
That convinces me to go with heating oil. I have always felt that it would be safer. Is it costly to install it in your house? http://www.foxfuel.com/heating-oil-services/
Flag Mon May 19, 2014
Oil and Gas change places all the time as far as price is concerned. Over the long term, they are probably comparable in total cost. The main thing you should be concerned with is the efficiency of the furnace and whether it has been serviced regularly. I am not aware of any safety issues with regards to oil heat.
0 votes Thank Flag Link Wed Jun 6, 2012
Oil heat prices tend to fluctuate. On the whole, natural gas is the best way to go. Of you don,t have that available then stick with the oil
0 votes Thank Flag Link Wed Jun 6, 2012
Oil heat prices tend to fluctuate. On the whole, natural gas is the best way to go. Of you don,t have that available then stick with the oil
0 votes Thank Flag Link Wed Jun 6, 2012
Today I would say oil is somewhat more expensive than natural gas, especially when you factor in a yearly maintenance contract for the oil furnace. If you compare oil with propane, then the propane would probably be more expensive.
0 votes Thank Flag Link Wed Jun 6, 2012
Oil heat is a safe way of heating a home. If the oil tank is above ground and only 5 years old, there should not be any concerns. I would do a in ground tank sweep of the property because underground oil tanks could leak and could be environmental issues. Costs for oil and gas are similar.
0 votes Thank Flag Link Wed Jun 6, 2012
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