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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Kodylawrence6, Home Buyer, Indianapolis, IN
Tue May 19, 2015
The pricing of the two could fluctuate a little depending on a few different things. For the most part I think both options are fairly reasonable. Oil heating is generally safe too as long as the safety precautions are made just like most things. http://www.cashoilco.com/?page_id=10
0 votes
Trevor Pinder, Home Buyer, Provo, UT
Sat Jan 31, 2015
At this point, oil and gas are both cheap! With the recent drop in oil prices across the world, gas has also come down. As for quality of heating, they will both heat your house, but oil heating is becoming an obsolete technology and for this reason, I'd reccomend natural gas. There's a company I know that deals with oil tank design--you can visit them at http://www.trailheadeng.com.
Web Reference:  http://www.trailheadeng.com
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Alan Ellenbo…, Agent, Montclair, NJ
Wed Dec 26, 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
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Rahzhak Mizh…, Other Pro, Bloomfield, NJ
Sat Nov 10, 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.
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Carl Ben Wit…, Agent, Upper Montclair, NJ
Wed Jun 6, 2012
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
Converting could be an option when you buy it or in the future. It might be a bigger investment, but it could be worth it down the road. You should talk to a heating company and see what they think. They could also give you a quote to give you an idea of how much it might cost to convert.
http://www.cardinalusa.com/services/
Flag Tue Nov 18, 2014
Kevin Kinney, Agent, Upper Montclair, NJ
Wed Jun 6, 2012
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.
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Jacques Ambr…, Agent, Forest Hills, NY
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
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Jacques Ambr…, Agent, Forest Hills, NY
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
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Lyle Wolf, Agent, Morristown, NJ
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.
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Donna & David…, Agent, UPPER MONTCLAIR, NJ
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.
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