All Topics / Help Needed! / Asbestos – Buy or run?

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of ESMEESME
    Member
    @esme
    Join Date: 2013
    Post Count: 3
    February 24, 2013 - 11:56 am

    Hey everyone and Steve,

    After reading Steve's book I have decided I want to buy my first property.  I have found a house that is selling pretty cheap, ex-commission, and is getting decent rent. The tenants have been there for 4 years and are looking after the place and the house is in good condition. I would definitely put an offer in except for one thing, I'm worried because it is built out of some sort of fibro/cladding and I think there is a strong chance it has asbestos. Is this going to be a serious problem for resale or is there a risk of being sued if a tenant got sick some time down the track?

    What are you experiences with buying/selling houses that could have asbestos in them? 

    Should I buy or run? 

    Thanks for all of your help, I'm soo confused!

    Profile photo of Rick staRick sta
    Participant
    @rick-sta
    Join Date: 2011
    Post Count: 120
    February 24, 2013 - 12:06 pm

    I don't believe it's a major concern.

    There are thousands of properties out there that contain asbestos.  

    One of my properties has an asbestos roof and I've never had a drama, however insurers generally charge slightly higher premiums due to the high costs of asbestos removal/clean up.

    Profile photo of ESMEESME
    Member
    @esme
    Join Date: 2013
    Post Count: 3
    February 24, 2013 - 12:13 pm

    Ok, thanks for the reply Rick sta! 

    Do you think it would be a problem for re-sale?

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 24, 2013 - 8:50 pm

    Asbestos is quite common.

    I'm no expert but as long as it's not tampered with – it shouldn't pose any issues.

    It can also be removed.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of TheFinanceShopTheFinanceShop
    Participant
    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271
    February 24, 2013 - 9:18 pm

    Generally no but it depends on the area. What area are you referring to?

    Regards

    Shahin

    TheFinanceShop | Elite Property Finance
    http://www.elitepropertyfinance.com
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    Residential and Commercial Brokerage

    Profile photo of RPIRPI
    Participant
    @rpi
    Join Date: 2012
    Post Count: 308
    February 24, 2013 - 10:03 pm

    Half the houses in inner Brisbane would have some level of asbestos in it, the other half used to .

    RPI | Certus Legal Group / PRO Town Planners
    http://www.certuslegal.com.au
    Email Me | Phone Me

    Property Lawyer & Town Planner

    Profile photo of OsmanDesignpacOsmanDesignpac
    Member
    @osmandesignpac
    Join Date: 2013
    Post Count: 7
    March 4, 2013 - 6:19 am

    Undisturbed and painted Asbestos wall sheets generally pose no problems. If you are thinking of re sheeting the wall and or ceilings, remove the cover battens with protective clothing and fix new plasterboard over the asbestos sheets.

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