We are looking at a 2 bedroom property that has asbestos ceiling, it is in really good condition (pending further investigation), would we be able to rent the property out or would the ceiling need to be encapsulated/replaced first? Thanks
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I've always had these removed, new downlights installed, and ceilings plastered and repainted.
It attracts more tenant and a higher rent.
But in answer to your question, during due diligence for your purchase, you should always seek professional advice.
In this case why not ask the local real estate offices who manage properties in the area.Profiting from Property, not People
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Many buyers are put off by these ceilings. Even the agent is saying it contains asbestos.
Place a conditional offer to allow you to do all the necessary inspections to allow you to do cost calculations to make the house the way you want it. Multiply this total figure by 3 and on the date of going unconditional inform the sellers agent you need to take this figure off the purchase price to make the finances work.
Turn a property's weakness to your advantage.Profiting from Property, not People
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Agree ^^, you've got a great opportunity to buy some time while getting it tested and quote to replace, then present a purchase price that makes the numbers work for you (still conditional etc). Other buyers are being put off by the agent, so why not put in a cheeky offer when you know where you stand.
cheers,
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Not sure where you are but if you need advice give this guy a ring.
he's always been super helpful and forthcoming with info and advice whenever I've contacted him
Josh Barry
Operations Manager
M. 021 586 978
www.protectus.co.nz
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Originally posted by chocobo_ff View PostIt is an auction (most in Auckland seem to be auctions), so can't do conditional offer as such, but I suspect DaveW and donna are correct that others will be put off by the presence of asbestos.
Thanks for the contact hopetown, will look into it.
If the property works for you i would continue to perform the due diligence of costing the renovations, talk to a valuer as to what the property will be worth after renovations and arrive at your top bid amount to suit your medium to longer term goals.Profiting from Property, not People
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Through a pre-purchase inspection we may have found more asbestos than what the agents have disclosed already. The house is up for auction in the coming weeks, would it be in our interest to disclose the information to the agent, and if we do, would the auctioneer need to disclose this to bidders on the day of auction? Obviously can't use this info as a bargaining chip since it's an auction, but was wondering if this would throw other potential bidders off, if they haven't done their due diligence and got quotes for remedy/removal prior to the auction?
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