We're buying a house/property that has its own gas well. Is that a good thing?

A gas well can be a blessing or a curse. Well ownership comes with maintenance and reporting obligations as well as future well plugging expenses in the event the well stops producing natural gas. Well plugging can easily cost $10,000 or more, so it is important to understand the condition of the well and what benefits can be expected from the well in terms of natural gas production to offset the future plugging liability. It is also possible that the seller does not own the well, but simply has the rights to "house gas" and/or royalties from the well as lease consideration from the owner/operator of the well. In this situation, a purchaser of the real estate would not be buying the well and accepting plugging liability, but they should verify what benefits they will be receiving from the mineral lease.

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