- Hi,
We've made an offer on a property with rendered walls etc built some 40yrs ago in Brisbane. We've had the building inspection done today that has confirmed the roof and walls are all clad with asbestos.
I understand this is typical for a house built during this period, but this is our first investment property and I'm obviously concerned about spending a lot of money on a lemon.
Was wondering what experiences people have had purchasing investment properties with asbestos and what I should consider before going ahead with the purchase or pulling out altogether.
Comments would be much appreciated.
Cheers,
Dwayne
ASBESTOS!
Be prepared to spend $$$ if you want to do any work!
What you have to do under regulations will depend on where you are, but in a nutshell, you cannot do it nd you have to get specialists who know the procedures and do it properly – all at a cost.
But if you are doing nothing to the property, and got it at a bargain price, maybe it is right for you.
What is your strategy?
What are your expectations for the property?
What happens when you want to sell later on?Lots to be explained yet
DavidM
Thanks David.
It would be a long term investment as I believe the location will be of more value than the land/house combination in years to come. I guess the issue is more that it limits our options in that if we need sell it rather than demolish it, it may limit our potential market. Our expectations for the property are to sustain rental income until the house needs major repairs at which time we'll consider the sale/demolish options.
You sound like you're talking from experience. Have you had history with ongoing costs associated with asbestos repairs? Were you able to deduct these each year as a deductable?
We called the asbestos authority in our state and found that you CAN do it yourself under certain circumstances. You could do it yourself if it was your property, but if you were going to do any asbestos work on someone elses property you would need a licence. So check with your local regulator – they can tell you what the rules are where the property is.
Why not exit the contract, get a quote to fix it all up properly and reoffer a new price representing your current offer less the cost of the work. It is a buyers market, you can always find something else. Remember, insurers don't conver asbestos related claims.
My experience is in commercial where things are pretty tightly controlled, so I am limited to that extent, although I have observed a commercial contractor being called in to remove a fibro fence in the local neighborhood.
But I like SHales suggestions – you are the buyer and you can call the shots!DavidM
As a builder, id personally totally avoid it. The going theme in the building industry is that "asbestos is safe if you dont damage or disrupt it"…
What a absolute load of crap that line is….
Any house ever built always has dust left over (more so older dwellings!) in the ceiling spaces and wall cavities. You can imagine the asbestos dust up there from when it was built and from the wind and sun breaking it down!!!
Even if they remove the sheets, you are still risking this dust being exposed to whoever is inside the house. Multiply this by 100 if you have or fit downlights, the amount of dust these things let in is unreal
Some will argue that the asbestos removal firm will vacumn the dust up – and the good contractors will, but there is only so far they will go. It s the sort of situation "where do you start and where do you stop" haha.
Dan.
Thanks folks, most helpful.
Have decided to ditch the house and look for something else.
Thanks again.
Dwayne
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