Homebuyers are understandably concerned about asbestos. Asbestos is a naturally occurring substance that was widely used in the construction of buildings for many years, particularly prior to the 1980s. Despite the fact that asbestos was prohibited in 1999, it is still found in many homes. This can be a problem when it comes time to sell your house.
The presence of asbestos can deter some homeowners from purchasing a home, but does it affect the sale price? We’ll look at how asbestos impacts house prices and what you can do about it in this article.
Is it possible to sell a house that includes asbestos?
Yes, is the straightforward answer to this question. A house containing asbestos can be sold, and receiving a mortgage on the property is usually not a problem. However, if you are aware of asbestos in the property, you are legally required to report it under the Property Misdescriptions Act. This means that if you know your home has asbestos, you must tell anyone who wants to buy it.
Of course, it’s possible that asbestos is present on your property and you were unaware of it. You aren’t expected to do a thorough asbestos survey on your site to find out if it has asbestos or not.
The impact of asbestos on the value of your home
Asbestos, without a doubt, may have a huge impact on a property. The magnitude of the effect, however, will be determined by the amount of asbestos present as well as its current condition. A modest bit of asbestos will obviously not be a huge issue, but if there is a lot of it, homebuyers may be hesitant.
It’s also worth noting that asbestos might reduce the value of your home in another way. It’s possible that you’ve already agreed on a price with the buyer, but they order an asbestos homebuyer survey and find asbestos. They may expect you to either pay for removal or put it into the house price at this stage.
Is it possible to remove asbestos from your home?
If you have asbestos on your property, you might think that the best course of action is to have it removed as quickly as possible. This is a possibility, but it isn’t always the best solution. When asbestos is disturbed or destroyed, it becomes extremely harmful. This is typically a required step in the removal procedure.
It’s possible that merely managing the asbestos is preferable. Asbestos that is in good condition does not pose a health danger. Many buyers will be willing to buy a home with asbestos as long as the material is well taken care of and in good condition.
Actions to be taken
It is critical to take constructive actions to ensure that the situation is as straightforward as possible for homebuyers. Even though discovering asbestos in your home reduces its value, it is critical that you are aware of the risks. Because of this, it might be a good idea to have an asbestos survey done before selling your home.
Keep in mind that well-managed and kept asbestos reported by a seller is unlikely to be a significant price detractor. If the buyer does their own survey and discovers asbestos that you were previously unaware of, they would almost certainly request a price reduction.
If your looking to remove asbestos in Paisley then give us a call