PROPERTY WITH ASBESTOS? WHAT YOU NEED TO KNOW!

Whether you are buying or selling an asbestos contaminated property, it’s important to think about an evaluation and the cost associated with the asbestos removal. At Excel Asbestos Removal we believe it’s important to help clients gain a better understanding of asbestos and provide honest and practical advice dependent on an individual’s situation.

Buying properties with asbestos

Asbestos is becoming an increasing concern for those in the housing market looking to buy. Buyers are not wanting to purchase a house filled with asbestos, a sentiment heightened further if they have young children. 

There are two types of asbestos, friable and non-friable. The one to worry greater about is friable (loosely bound), meaning the asbestos-containing material can be very dangerous as it can contain up to 100% asbestos. To understand more about the difference in the types of asbestos, check out our previous blog on avoiding asbestos in home renovations.

Selling properties with asbestos

Asbestos in a property has an impact on its value. This is because demand is dictated by the buyer, if a buyer is put off by a property containing asbestos, then the perceived value of the property can decrease significantly.

So you think your property may have asbestos, or you know it does because you bought it knowing there was asbestos?

Either way, before selling you should get an updated asbestos evaluation. The evaluation may surprise you, asbestos removal costs can range dramatically. You may be pleasantly surprised by how inexpensive removal can be, otherwise it’s important to know.

Here’s why it is best to understand what types of asbestos your property may have, where it is and how much for its safe removal…

• Before putting your property on the market, you should understand exactly how much the asbestos removal would cost a potential buyer. Armed with this knowledge, you can put your property on the market at the right price affording you some flexibility. This will place you in a financial position to be able to lower the asking price to a ‘discounted’ price to appease a potentially disgruntled buyer.

• Depending on your situation it may be in your best interest to either immediately remove the asbestos. If you have friable asbestos, especially if it’s in a place that could be easily disturbed, you should remove it. You wouldn’t want to buy a house with a dangerous material that is easily released into the air, neither will others. Or they might, but will want you to remove it anyway as a condition of purchase (yes this happens.
• https://www.excelasbestos.com.au/buying-or-selling-a-property-with-asbestos/