Asbestos — Dealbreaker Or Opportunity?

SHOULD YOU AVOID A HOUSE WITH ASBESTOS?

Asbestos is a great product for its purpose as an insulator, but unfortunately it has long term health concerns.

Asbestos would have to be in the top five things people ask about when beginning a property search, especially if they are currently residing in Sydney or Melbourne!

So what are the critical things to understand?  At Hot Property, we think that as long as you don’t play with, drill or break asbestos it actually serves as a quality building material and something that you do not need to touch.

However, if you are keen to do renovations or improvements on your new property, our renovation consultants think it is definitely something to factor in when purchasing a new investment property or family home below.

We have spoken about the most common things to think about below!

DIFFERENT TYPES OF ASBESTOS

Another important factor to understand when dealing with asbestos is knowing that there are different types. There are two main types:  friable and non-friable. One of which is relatively cost-effective to remove (friable), and the other can be very expensive (non-friable).

So, understanding the type of asbestos that you have is important to consider, especially if you are looking to do major renovations or improvements.

You can definitively know what type of asbestos you have by getting it sample tested through a lab to ensure you know what type of asbestos you are dealing with.

This might be something that you can do within a building and pest clause, or you can try to add a condition that specifically relates to the investigation and testing of asbestos.

THE ROOF

Typically homes with asbestos roofs are getting to 40 or 50 years of age in the market right now. This generation of asbestos roofs are getting to the end of their serviceable life, especially if it has not been painted and is unsealed.

Another key consideration is that asbestos can become brittle in its old age and with hail storms quite frequent in south-east Queensland, cracking of an asbestos roof or damage to an asbestos roof is almost inevitable.

Asbestos roof replacement is something that is becoming more and more affordable. It should be somewhere between $10,000 and $20,000 

However, this is just a guide and we strongly recommend seeking multiple quotes if you are in the market for a new roof.

BATHROOMS & KITCHENS

One of the other areas we frequently see asbestos in older homes is the bathroom and kitchen, which are also key areas people like to renovate as they tend to age more quickly than other parts of the home.

At Hot Property, we recommend removing the asbestos, so that you can maximise the lifespan of your bathroom or kitchen.

What you will also find, is that the removal of the asbestos will give you more flexibility and renovation potential! 

IS ASBESTOS A DEAL BREAKER OR OPPORTUNITY?

When it comes to asbestos, it is a case-by-case decision to make on whether to purchase a home with it.

Removing those properties completely from your search parameters especially in Queensland, depending on your budget, might actually remove a significant portion of investment opportunities from the available properties in the market.

Always consider all of the options before making a decision!

If you need any further property advice about asbestos, feel free to get in touch with our buyers agents online today or call us on 07 3170 3760.