I am currently looking at two properties in the North island in NZ. Both of these properties will return about 9% gross yield. One of these properties is a wheatherboard and one is fibro construction.
My question relates to the fibro constructed property which is ex housing estate. I have no qualms about the solidity of the structure. What I am concerned about is potential asbestos problems in the fibro. I must stress that I have not had a building inspection done on either of these places so it is all speculation at this point. I am just wary of even the chance of asbestos and the problems it brings (health and financial).
Also can fellow investors tell me what they think about purchasing wheatherboard homes in NZ? Are they considered superior to fibro homes.
A lot of questions I know but thanks in advance to those people who take the time to answer.
Kind Regards,
Tim.Hi Tim,
yeah I think weatherboard has a higher appeal than fibro. Aussies should remember that there are no termites in NZ. There is borer but they are no problem really as they eat very slowly and you can borer bomb the house for $25 from the local hardware store. Having said that, though, I have a fibro house which is a brilliant rental, my best performing investment actually. worst house in a good street. I had a builder’s report done. My one is dated around 1965. The builder’s report came back asbestos. Eek, I said, but the builder said ‘absolutely nothing to worry about unless I want to change the stucture, asbestos lasts for ‘donkey’s’ and he reckons it would last another 20 years no probs. You can even paint it no probs it’s just that you wouldn’t want to drill it, saw it, etc or otherwise disturb it.
Only a builder’s report will be able to tell you what you want to know about your particular property though. Spend the money and sleep easy.cheers-
Minijoy to the world
Originally posted by MiniMogul:‘absolutely nothing to worry about unless I want to change the stucture, asbestos lasts for ‘donkey’s’
Hi Agile and Mini,
Asbestos roof sheeting can be an issue as it can be degraded and worn by the actions of rain and hail. There is many a roof that has been encapsulated so that fibres from the roof are not released into the atmosphere.
The WA Govt has recently completed an extensive roof replacement program in all known asbestor roofs across WA so that the threat of asbestos fibres in the atmosphere are no longer present.
Certainly the greatest danger lies in drilling, sanding etc but the roof is not totally innocent.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Hi derek,
the bit you quoted wasn’t me talking, it was me quoting a professional licenced building inspector I hired. My advice is always to consult a professional, and I forget that so many people don’t do that. don’t ask us! Ask your building inspector! that’s what you pay him/her for.
With my property the fibro sheeting was not a roof either, it was the exterior cladding.I am not expecting any problems with the exterior of the property in the next 20 years (if I hold it that long!)- and it is still safely able to be repainted, etc
joy to the world
Hi Guys
Haven’t heard that asbestos is a problem in residential property in NZ.
Most rooves are either corrugated iron or tiles or decramastic type.
Regards
Hi Tim,
People in NZ ALL seem to LOVE the ex-state weatherboard houses found all over NZ… They are built very sturdy, and have been maintained well by the Gov’t until the last few years… I own one of these, and in over 12 months, I have not needed to spend one cent on maintenance. (touchwood)
I also own a fibro one, but it’s in good nick..
Good luck,
Del
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