If I have oil heat (tank above ground in basement) - does that lower the value of my house- should i change over to gas?

Asked by maryznn, Union, NJ Tue Apr 16, 2013

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6
Deirdre Pome…, Home Buyer, New York, NY
Thu Apr 18, 2013
As a homeowner who currently lives on oil and is moving to NJ, I can tell you that I would not look at any home that was on Oil during my search. Oil cost me $4,000 a year to heat my 2,000 sq ft home, it smells and the indignity of signing a new contract every year at a higher rate is just infuriating. If there is gas in the street and you can convert for a reasonable fee, then I would convert.

The only people willing to live on oil today are people who have never lived on oil and simply don't know the difference.
0 votes
Linda Walters, Agent, Wayne, PA
Wed Apr 17, 2013
All the previous answers are good. As a general rule, buyers in this area (PA) prefer gas to oil. That being said, I think you should always consider two things when you invest in an improvement to your home. One is the added value. But the other is harder to quantify and just as important (if not more so). That is whether the improvement will add to your enjoyment and use of your home. If you love to cook with gas, that should be a part of the decision. Particularly if you plan to stay in the home for a while. We call it a "home" because it means more to us than a place to stay out of the rain or keep our savings. It needs to work for our family and bring us pleasure.
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Wed Apr 17, 2013
Good that the tank is above ground -if there was ever a below ground tank, removing that will we something you will need to face.

You will lose a subset of the buyer pool because of oil heat --- some buyers will prefer gas for sure. Anything that reduceds the number of buyers that will consider your your home will potentially affect value and time to sell.

Best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Apr 16, 2013
Unless your current system needs replacement, plan to remain in the home for a while, and would prefer gas yourself, the switch is probably not necessary.....
0 votes
Roland Vinya…, Agent, Sprakers, NY
Tue Apr 16, 2013
It will certainly not add enough value to your home (if any) to justify the cost of switching over.
0 votes
Jim Olive, Agent, Key West, FL
Tue Apr 16, 2013
There is no "correct" answer to this question. Gas and Oil have traded back and forth for years as the less expensive option and nobody can predict with accuracy which way it will go next. It could be a major investment to shift that never pays off in the long run, and which you will likely never be able to establish if it was what sold your home. If you have a lot of people saying "boy, I would have bought that house if it was only gas heat", then maybe...but that's not very likely. Now, if you had electric heat, that might be a different story. Best of luck on the sale of your home...
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