Expert: Terry V Andreasen (Andy) - 4/14/2009

Question
I bought a building that was a branck of a national bank.  It has a huge bank vault with maybe a 1,000 safe deposit boxes.  I dont need this vault.  How do I get rid of it? Is it like an old baby grand piano- 'Come and take it".  Should I just have someone cut it up?

Answer
Basil,

follow up -

I have recently been contacted by someone who is interested in your vault.  If you are interested let me have your contact info, so that I can pass it on to them.

Andy


First off, we have to Identify some of the factors, so that you can come to a reasonable solution.

1.  Area - Where are you / the vault door located?
This is important as there may not be anyone local that has the equipment to to the work.

2.  Differentiat the work - while you may get someone to take the door and the sd boxes at the same time, you may want to keep them as separate issues.  For example, you may be able to sell the boxes, but you might have to pay some one to take the door.

3.  Are you more interested in selling the door?  removing the door? or scrapping the door?
In all three cases you, or the buyer of the door, will have to pay someone to remove it and haul it away, or deliver it to the new location.  The removal fee can be a large factor in wether a potential buyer will take your door or buy a new one.
Even if you decide to scrap the door, I doubt someone will come in and remove it for free.  Steel prices are at an all time low, so swapping the labor (come & get it) for the door is probably not going to happen.

4.  Leave the door in place as a "display" item.  This is not a bad suggestion, unless your new floor plans dictate the use of the space.  It could potentially save you several thousands of dollars getting rid of it.

Question:  What was your incentive to buy the building, with the bank vault intact, if you had no intention of using it?

If you got a better deal on the building because of the vault, then you are already $$$$$ ahead.  If you didn't then you may have a substantial loss coming.  Depending on the type of door, the area you are in, and the method of installation, the removal could potentially cost you $2500 to $10,000 to have it removed and disposed of.  For instance it is easier to remove a 3.5 ton door than it is a 36 ton door.  If the door frame has been grouted or mortered in place, the morter will have to be dug out inorder to free the door for removal.  This could easily take two men a full day.  With a vehicle capable of carrying the door, equipment, man power, etc, based on the above scenarios you should be able to see how expensive it potentially is to remove the door.

Let me know what area you are in, and I'll see who I know that has the capability of removing your door.

Andy