Loose-fill asbestos insulation

Has anyone, or will anyone be taking advantage of the government's 'incentive' of having your home tested for loose-fill asbestos insulation for free? What are your thoughts on the options if its a positive result.. "either sell your home and land to the Government for market value or sell your home only, they'll demolish it safely and restore the land so that you can rebuild"?

As per the fair trading website:

The NSW Government is proposing new laws to protect the community from unknowingly purchasing a property that contains loose-fill asbestos. Under these laws, when selling your property, you must confirm in the contract of sale if your property:

• contains loose-fill asbestos; or
• is free of loose-fill asbestos.

If you do not comply with these laws you risk significant financial loss and potential legal action. The Government's assistance program is your chance to protect yourself from the financial consequences of loose-fill asbestos.

NSW Fair Trading will provide financial assistance and support to affected homeowners and tenants, but you must register by 1 August 2016.

Step 1 – Get your home tested for loose-fill asbestos
Register by 1 August 2016 and if you live in a free testing area, your home will be tested by a licensed asbestos assessor for free. Even if you are not in an eligible area, if you pay for your own sample testing and the result is positive, you will be refunded the cost of the testing and as a homeowner, become eligible for assistance.

Step 2 – If the test comes back positive, have the property independently valued
As part of the Government's assistance package, you can have your property valued by two independent valuers as if it was not affected by loose-fill asbestos.

Step 3 – Explore your options
After the valuation process, you'll have a choice to make. Either sell your home and land to the Government for market value or sell your home only, they'll demolish it safely and restore the land so that you can rebuild.

Whatever you decide, make sure you don't miss this opportunity. Otherwise the cost of getting the problem fixed will be yours.

Loose fill asbestos insulation - NSW Fair Trading

 

Last month my PM handed me some paper regarding asbestos and I just threw it in the bin without reading past the heading.

And now I recall the last time I was up in the ceiling area of my IP I remember seeing all the fluffy insulation. It was everywhere. House is in the Druitt.

If it is asbestos and I get the govt to demolish the house I wonder if the govt will look after the tenants. I'd hate to kick them out with no where else to go.

 

Just read the website. The govt looks after relocation of tenants.

Yep. I'd sell the house only to the govt and then build a McMansion in the Druitt!

Now if I get up in the roof and grate some fibro over the insulation that should guarantee a positive lab result lol.

 

So once all these old houses on large blocks of land are demolished, will Sydney have several empty suburbs to build twice as many new homes on. Housing Affordability issues solved.

 

I just read in my local paper last night that my childhood home (last sold end of July last year for an amazing price) has now got a DA on it to demolish it and for a torrens title duplex to take its place. Very sad seeing it was our old home. But it was on 980sqm, so at least i'm happy it should be able to house more people going forward.

 

Does anyone know how much one of these tests cost if you arent in the free council areas?

Also, will anyone be taking advantage of it and potentially knock down, sub-divide and build a duplex, etc with your extra cash?

 

Very few houses in NSW are affected.

Looks like Mr Fluffy or his partner didn't venture out of Canberra very often.

The link in the OP shows which suburbs in NSW were affected.

There is also a list of people who can do the test. Might have to ring them to find out how much the test costs.

 

Ah yes, you are correct. I didn't click too much off the original link.. So didn't come across all the information. Well, I suppose my property in Penrith won't be affected then

 

So I just had a sample sent off. Should have a result next week, cost was $44. I'm pretty sure it's the paper stuff but worth testing for that price.

Definitely worth registering your property especially if the legislation goes though making it compulsory in sale contracts and lease agreements.

What I do want to find out if anyone here gets a positive result is what value they use (rates notice or market) on the land component of affected properties. Assume most of us here would sell the house only and keep the land.

For example:
House currently has market value of 450k
Land rates value 200k
If government went off land rates value you get a fresh block with 250k to build plus other exemptions.

OR

They value the land as what it would be worth market value, vacant block 350k
Then you only have 100k to rebuild, can't be done.

 

@datto could it be that inert paper based (cellulose) insulation.

 

Yes, @bmc it could be. I doubt very much that Mr Fluffy stuff is in the roof.

However, I have noticed that my tenants do look like an unhealthy bunch but I put it down to lifestyle rather than from inhaling anything in the roof.

 

Got my results back today. Negative for asbestos so will continue on with renovations now I know it won't be knocked down.

 

I can't see the list of suburbs.
Was it Queanbeyan as well?

 

Yes Queanbeyan is on the list with 60 properties affected from 1392 tests.

Property testing results - NSW Fair Trading

 

Ah, thanks for that.
The highest positive results for that list at the moment.

 

Sounds like a government insulation stimulus package
Yes, someone in an excavator will cruch your house making it airborne (whilst someone with a hose pretends to wet the area down! )
Question, wouldn't it be much cheaper to have the ceiling professionally vaccuumed and sealed/coated ?
Then have the building listed with council for "when" it is eventually demolished/developed ?
My 2 cents (as govco tend to like throwing our money away )

 

The issue is that no one can promise that any sealing or coating would work. Would you live there under those circumstances?

 

But what if its your main residence and it tests positive?? With tenants they take care of relocating them...

 

If it's your main residence then you have to decide if you and your family wish to continue taking the risk of living in it. They can't force you out at this point but with assistance and compensation available I would be considering taking it if it's offered. Owners get compensation which would go towards relocation.

 

Is it law to get your property tested? I received a letter from one of my property managers stating "It is now a requirement via the Home Building Act that properties must comply".