For those who are new to the term asbestos and are not aware of the effects of asbestos, here is a brief overview.
Basically, asbestos is an element that is known for its marvelous heat-resistant properties which is why it was used extensively as an insulating agent in the past in building materials. For over a century it was highly in demand as the main constituent of building materials, but in the late 1900s its hazardous nature came into light and it was partially banned by the federal government until it was fully banned in 2000.
However, it was impossible to demolish all the buildings containing this material, so old buildings with this material as their constituent are still in use. This arises the need for asbestos inspection. Let’s say you are based in NJ and you suspect the presence of asbestos in your place or office. You need to hire an Asbestos Inspection NJ service to rule out suspicion, or to take the necessary action as soon as possible. Thus, knowing who to reach is important to have authentic asbestos inspection services.
Now, apart from health concerns asbestos presence has some serious materialistic concerns as well.
Effect of asbestos on your house value
As asbestos was heavily used for over a century between the 1880s to 1980s, so it is safe to assume that it is present in almost all old buildings. If you are an owner of any such building then prepare yourself mentally that asbestos presence can have negative effects on the market value of your building.
Typically, asbestos-containing materials will cost a lot more to remove than typical building supplies. It will be more challenging to sell and modify a building that contains asbestos. Therefore, it is very feasible that asbestos might negatively impact the value of a house that was purchased without an asbestos inspection. On top of that, adapting it will cost money and cause disruption in your personal life.
Amount of asbestos matters
Without a question, asbestos exposure may negatively impact a property. However, the amount of asbestos present and its current state will have a significant impact on how big of an impact there is. Obviously, a tiny quantity of asbestos won’t be a big deal, but if there is a lot, potential homebuyers could become more cautious.
Additionally, it should be mentioned that asbestos exposure has another potential impact on the market value of your house. It’s possible that you and the buyer have already agreed on a price, but when the buyer orders an asbestos inspection survey, they find the presence of asbestos.
Does selling a house containing asbestos is against the law?
Absolutely not, yet if you are already aware of its existence, you must reveal it. Withholding such information is against the Property Misdescriptions Act of 2013, and breaking the law might invalidate the transaction and lead to legal action.
Can asbestos completely halt the selling of property?
Potentially, the answer is “yes,” but there are many factors to be take into account, making it hard to provide a firm conclusion. Whether or not the sale will go through will depend on a number of factors, including the asbestos’ present state and the buyer’s attitude about discovering the material in the house.
However, it’s crucial to keep in mind that selling an asbestos-containing house is not illegal in any way.
Price scenario of a house containing asbestos
It may, however, the extent to which asbestos may reduce a home’s value will also depend on a number of factors, including how much there is, where it is located, and what condition it is in. Since asbestos removal is so expensive, property values regularly vary to reflect the price of the labor need to remove it. Depending on the specifics of each scenario, it can be wiser to employ experts to remove it rather than accept a price decrease.
What you can do about this situation?
Making ensuring the issue is as straightforward as feasible from the standpoint of a homebuyer requires positive action. It is crucial that you are aware of asbestos, even if finding it in your house lowers its value. Therefore, it could be a wise decision to have an asbestos study done before you sell.
Even if your nightmare turned into the reality you don’t have to stress out. Hire a good company for removal purposes instead of accepting the loss on your house value. Let’s say you are in New Jersey you can have an Asbestos project design New Jersey service from any prestigious company to deal with the situation. This way you won’t have to compromise much over the profit of your real estate.