Asbestos Removal - Yes/No?

Discussion in 'The Buying & Selling Process' started by Gino, 17th Feb, 2018.

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Should I remove all asbestos?

  1. Yes

    9 vote(s)
    60.0%
  2. No

    6 vote(s)
    40.0%
  1. Gino

    Gino Member

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    Hi All,

    I would like to hear some peoples thoughts on a situation I am in. I own an old investment property (1965 to 1969 as close as I can tell) which has sustained significant damage at the hands of the last tenants. The interior walls are asbestos and many have been damaged, a lot severely (body sized holes). The property itself is in a low socio-economic area, lots of housing commission, frequent 'action' in the flats across the road, sorta like housos/struggle street haha

    My insurance is replacing 80% of the walls and the asbestos removalists have asked if I would like to pay for the other 20% to get removed at a cost of $3900 (entire removal job is $18000). I am in a position where I would like to sell this property as soon as the repairs are done and need to make a call on whether or not the extra money spent to remove the asbestos would be worth it or if I should just sell it with 20% asbestos remaining? The realestate I am with suggest that the market is moving quite well at the moment and I should just sell as is. A valuer friend of mine agrees and says that investors will buy it as long as the asbestos isn't damaged. Some of my other friends say I should get the extra work done as the property will be listed on the asbestos register which will reduce its value and make it hard to sell.

    I would like to hear thoughts from as many people as possible. Does anyone have any thoughts/advice that they may be able to give me?

    Many thanks in advance :)
    Gino

    P.S. apologies if this is in the incorrect area on the forum
     
  2. hobartchic

    hobartchic Well-Known Member

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    I would remove all asbestos, fix it up and then sell and use the certificate by the asbestos removalist to help sell the house. It's not much for a renovation project in the scheme of things if you can afford it.
     
    Shazi likes this.
  3. hobartchic

    hobartchic Well-Known Member

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    I forgot to add that most builders insist it is removed prior to work being completed anyway and you may find the house can not be sold and needs to be fixed in future so you might as well do the job properly.
     
    Shazi likes this.
  4. wylie

    wylie Moderator Staff Member

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    I would pay the extra and get rid of it all. Maybe you can negotiate your portion directly with the asbestos removals to see if you can save a little.
     
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  5. marmot

    marmot Well-Known Member

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    How much would it cost for someone to remove the asbestos at a later stage, ??, they might try and get you to push down the sale price.
    Many people see asbestos in houses and just keep on walking .
    Get it done now, and off the asbestos register if you can.
     
    Shazi likes this.
  6. WallyB66

    WallyB66 Well-Known Member

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    I voted to pay extra $$ and remove rest of asbestos. If most of the other houses around u are similar vintage they would likely have asbestos so nice point of difference to other houses for sale in your area.
     
    Last edited by a moderator: 17th Feb, 2018
    kierank likes this.
  7. Otie

    Otie Well-Known Member

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    I'd leave it- if its undisturbed its not an issue.
     
  8. Otie

    Otie Well-Known Member

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    Nearly every house built pre 1980 contains some amount of asbestos
     
  9. Joynz

    Joynz Well-Known Member

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    Yes, but this is a once only, very cheap opportunity to get rid of it all. And it’s in the internal walls - not the eaves or other out-of-the way place.
     
    WallyB66 likes this.
  10. Otie

    Otie Well-Known Member

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    In a hot market into will sell for the same price with or without the asbestos
     
  11. marmot

    marmot Well-Known Member

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    But what happens if the market turns ,or the OP changes his mind and keeps hold of the property a bit longer than he had planned for .
    To try and clean it up at a latter stage would cost a lot more, and in a turning market some buyers might insist on an appropriate discount to fix the job.
     
  12. DaveM

    DaveM Well-Known Member

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    Given how freaked out people get over asbestos, I would remove it.
     
  13. Otie

    Otie Well-Known Member

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    He stated he is selling it.
     
  14. Gino

    Gino Member

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    Wow, thanks for the replies all. I am not sure how much it would cost to get rid of it down the track but I assume a lot more as if I get it cleaned up now I am only paying for labour and not any of the setup/dumping costs. It sounds like most people reckon I should get rid of it now while I have the opportunity.
     
  15. Gino

    Gino Member

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    This is the plan and the realestate does think the market is favourable for a quick sale. I am just worried that potential buyers may low ball me because 20% of it is left...
     
  16. Otie

    Otie Well-Known Member

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    HOw will they know? I wouldn’t low ball in a hot market as I would fear missing out. Obviously the whole suburb will be filled with asbestos anyway. If u research sold properties is there a 20% variable in houses sold with/without asbestos? I suspect no chance.
     
  17. Otie

    Otie Well-Known Member

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    I think your just stressing about the sale. If this is in Melbourne you have no worries at all
     
  18. Gino

    Gino Member

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    Haha it is stressing me out! It's in Caboolture, 50km north of Brisbane. The area is full of asbestos, my dad owns a property down the street and it is full of it also...
     
  19. thatbum

    thatbum Well-Known Member

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    I wouldn't pay to remove it. Your own selling agent advises against it. Do you think you'll add the $3,900 back in additional sale price? Seems unlikely.
     
  20. Gino

    Gino Member

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    No idea really...this will be my first sale so I have no experience to go on. My gut (although inexperienced) says I wont get it back in the sale price.