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  1. #1

    Default Asbestos in an investment?

    Morning! Looking at getting our first investment property in auckland. It would be a long term investment. Good price, in Avondale so good location for capital gain (err, well, IMO). Reasonable section, 1960s bungalow, already tenanted which is a bonus. Just had building report done and the outside cladding (done over weather boards) is possibly an asbestos-based fibrolite. May not be, but done 1981 and looks it. Thinking about getting a test done, but...how could asbestos cladding affect my resale value? We'd look to remove it and go back to weatherboard anyways but if we don't have a spare 50k around I'm wondering if this could seriously impact out capital gain (say within 10-20 years). Any thoughts/opinions? Anyone else dealt with asbestos cladding? Thanks heaps

  2. #2
    Join Date
    Jul 2011
    Location
    Tauranga
    Posts
    2,769

    Default

    Get it tested by Dowdell and Associates its $76 +GST

  3. #3

    Default

    Quote Originally Posted by Maccachic View Post
    Get it tested by Dowdell and Associates its $76 +GST
    heya maccachic, yeah we're planning to...just wondering if it comes back with a YES...whether we should proceed or not.

  4. #4

    Default

    My ex bought a 1940s asbestos fibrolite house a few months ago, the interior has been remodelled but the builders said if the house is water tight then there's no point recladding, can't help you on the re-sale part sorry but I wouldn't think you'd get your money back if you recladded, maybe not short term anyway. The only issue is if the cladding gets broken somehow then it needs to be handled appropriately because of the asbestos. Good luck

  5. #5
    Join Date
    Mar 2007
    Location
    Auckland
    Posts
    3,043

    Default

    The danger from asbestos products is the dust.

    So you need to be careful if its sawn or sanded.

    If its just there in sheet form, you could happily picnic off it with no ill effects.

  6. #6
    Join Date
    Sep 2004
    Location
    Central Otago, ChCh, AKL
    Posts
    2,443

    Default

    i had asbestos roof and the buyers did try to play on it with the rice, pain in the backside.
    also any fix up or damages you need to get experts to deal with it.

    unless you get the property for a good price which would include replacing the cladding i wouldn't touch it.
    this is MHO.

    GET IT TESTED AND MAKE THE CALL.
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  7. #7
    Join Date
    Apr 2012
    Posts
    178

    Default

    Agree with flyernzl, undisturbed its fine.

  8. #8
    Join Date
    Mar 2013
    Location
    Auckland
    Posts
    1,677

    Default

    I had heard that the best way to deal with intact asbestos is to seal it (i.e. paint) and leave it the hell alone. Where you hear the horror stories is where someone has started demolishing something, causing dust and particles to start flying. Once this happens, you need to call in the expensive expert removalists.
    My blog. From personal experience.
    http://statehousinginnz.wordpress.com/

  9. #9
    Join Date
    Sep 2004
    Location
    Central Otago, ChCh, AKL
    Posts
    2,443

    Default

    if your tenant bump his car or anything chip the cladding you will have to get experts in to fix it.

    there are so many properties out there i would recommend you buy something better.
    UNLESS (AS MENTIONED ABOVE) you are getting it for great price...

    Tel us about the property, what makes it so attractive as an investment?
    tel us about the numbers?
    New Zealand's #1 Marketplace for Property Investors & Sellers!
    FREE Access to HOT Property Deals
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  10. #10
    Join Date
    Jun 2008
    Location
    Auckland
    Posts
    194

    Default

    I am invested in a few businesses and one is an asbestos consultancy, management and removal firm. Be aware folks, there are some changes afoot that will make any work with Asbestos a lot more expensive than it already is. The changes being driven by WorkSafe NZ around compliance, administration and documentation are pretty heavy (but largely necessary - too many unsafe cowboys around still). Be sure that you know the costs associated with any asbestos products on a building before looking to acquire one for development or as a rental. Not just to remove and replace the product during a reno or such, but in terms of general day-to-day maintenance etc.

    There are only a select few firms in NZ that do the work safely and properly, following the NZ Guidelines. Dowdell & Associates (as mentioned earlier in the thread) as a surveying, testing and certification laboratory are absolutely brilliant and they are 100% independent. They can make good recommendations on asbestos management, can provide certainty on samples and can be relied on to make good recommendations for contractors in your area. * I have no interest in Dowdell's - I just am and continue to be very impressed by their services.


 

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