If you live in a home built before the 1990s or older, you might be wondering what the presence of asbestos in your property could have on the price of your home. Asbestos was once widely used as a primary material in the construction of homes before it was found to be a carcinogenic substance. When asbestos is left intact and undisturbed, it rarely poses a threat to your health. The potential risks come when the material containing asbestos is broken, and the fibres are dispersed in the air around you. These asbestos fibres are usually so small that they can easily be inhaled and enter internal organs, which could cause a myriad of health complications, including cancer.
Considering the deadly health implications, the word asbestos has increasingly become a red flag for people looking to buy property. As such, when it comes to selling a property, asbestos may hurt the value of the home. To address this concern, it’s crucial to engage professional services like SAS Asbestos Removal to ensure the safe removal and mitigation of asbestos-related risks.
Is it possible to sell a home that contains asbestos?
Yes. you can sell a home that contains asbestos, and it won’t even be a barrier to getting a mortgage on the property. But under the Property Misdescriptions Act, the law requires you to disclose the presence of asbestos on the property. This means that if you’re aware of its presence, you have to make any potential buyers aware of it too.
It goes without saying that if there is asbestos on your property and you didn’t know or weren’t made aware of it, you aren’t expected to conduct asbestos surveys on your property to establish if asbestos may be present.
What’s the effect of asbestos on your house price?
The extent of the effect will largely depend on how much asbestos is present, and the current condition of the property and the asbestos. Generally, small amounts of asbestos won’t be a major problem, but if there’s a lot, most homebuyers might get wary.
Keep in mind that there are other ways asbestos could affect the value of your property. For instance, you might have already agreed on a price with a buyer, but then they conduct an independent asbestos survey and discover its presence. At this point, it could mean being expected to pay for its removal or account for the asbestos removal into the price of the home.
You might think that the best approach if you have asbestos on your property would be to have it removed as soon as possible. However, it might not always be the best move. Asbestos is in its most dangerous state when it’s damaged or disturbed, which is part of the removal process.
It might actually be better to leave and simply manage the existing asbestos. When in good condition, asbestos is not generally a health risk. Lots of buyers will be willing to buy a property with asbestos so long as they are aware there’s a management plan in place and it’s in good condition.
Here are other ways asbestos removal will affect the value of your home:
- Improved health and safety
Under certain conditions, such as if the asbestos is in bad condition, proper asbestos removal will improve the health and safety of the property. An asbestos-free property will generally be more attractive to potential tenants or buyers who might be concerned about the well-being of their loved ones.
- Legal compliance
Today, there are strict regulations about asbestos-containing materials (ACMs). Properly removing asbestos will ensure complete compliance with these regulations and reduce the risk of legal liabilities, which may affect the value of the property down the line.
- Easier to sell
A home that has undergone proper asbestos removal and has the right certifications to prove it will sell a lot easier than a property with known asbestos issues. Most buyers will be a lot more comfortable purchasing a property that doesn’t come with potential health risks.
- Expensive removal
Properly removing asbestos from your property will be expensive, depending on the type of materials and the extent of contamination. This initial cost of removal could impact the overall value of the property.
- Potential devaluation during the removal
During the removal process, the property will simply be unusable, meaning decreased rental income or lower marketability.
- Market perception
Some buyers might associate homes that have undergone asbestos removal with potential health hazards, even if the property is completely safe. This could affect the property’s overall pricing and desirability. However, in some cases, buyers might be more inclined to pay a premium for a property with a clean bill of health.
The best thing to do is to take the necessary steps to ensure the situation is as simple as possible from the home buyer’s perspective. Even if there’s asbestos in your property, a well-managed and maintained asbestos that’s disclosed to the buyer is unlikely to be a detractor from the price. Be sure to consult with local professionals to assess the potential benefits, costs, and impacts specific to your property and area.