hi guys,
i recently found a bargain property ( say around 20k to 30k below fair market value), i was all excited about this until i saw the strata building report. it’s a 40 yr old unit in a capital city suburb with good yield and strong cap growth pespective.
anyways, in the building report attached an asbestos report which says it found asbestos in 2 places: Eaves ( the edge of the roof) and on the electronity switchboard , however it is not damaged or exposed. it is being tagged as a P4 rating ( P1 being highest, P4 being lowest which means below, refer to the quoted section)
I m bit undecided if i should pull out ( still within cooling off) or shall I proceed ? the Asbestos sounds scary, however the reports says it is low risk ?! what that means ?
please give me your honest opnion/feedback.. it will be best if you are a builder or tradie who knows those things…
P4: low risk:
“””Products or bonded ACM that pose low health risk to workers. This
material is currently undamaged, stable, non-friable, within a low
assessable area. Control measures to protect these materials from
damage would include identifying materials with warning signs and
providing asbestos awareness instruction to workers by way of
workplace training. Reassessment of this priority rating should be
undertaken when any change to the work environment or the work
activity within the environment is planned””””Asbestos is quite common.
It doesn’t sound like there’s too much of it in the property – shouldn’t be too costly to remove if you wanted/needed to.
I had a whole heap removed from wet areas of a property recently – cost around $1.5k
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Coogee,
As Jamie said, asbestos is still quite common. The places where yours was found are in quite inaccessible areas – i.e. inaccessible to most people.Where asbestos is so dangerous is where a youngster might “play” – digging at walls with sharp objects, etc before they are old enough to know “Don’t do that!” In your case, the asbestos that has been found is where it can’t be “attacked” easily, thus it is a pretty much a non-problem. I would not be “pulling the pin” over that finding.
Benny
Most houses in Australia have Asbestos eaves and a panel in the back of the switchboard, built before 1990. Nothing to worry about unless it is damaged already. The only time you might need to remove it is to wire up a new switch board but this wont cost much to do.
Cheers,
Daniel.
It’s very common for properties pre-90’s to have asbestos, just about every property I own would no doubt have asbestos within them.
Asbestos in and of itself isn’t a scary building material – it’s what you do with it that can cause issues. if it’s in good condition (not falling to pieces) and not in an area where wear and tear may change that, there might be limit concerns – certainly not enough to exit contract.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
thanks very much guys ! I appreciate all your replies.
yes, i go ahead with the contract. this is the no. 3 property I bought this year, now it’s time to celebrate with Moet rose 2006 ! :-) :-)
have a lovely xmas and great successful 2016 !
You must be logged in to reply to this topic. If you don't have an account, you can register here.
