Buying A Property With Asbestos? What You Need To Know
Buying a property with asbestos can often be a huge gamble, especially when it comes to buying an older property it can often be hard to avoid choosing one without asbestos. According to a report by the ACT Asbestos Task Force, it is estimated that in Victoria alone 98% of houses built before 1976 contain asbestos.
What is asbestos?
Asbestos is a blend of fibrous natural minerals that have the ability to evade heat, fire, water and electricity. It was commonly used in building materials worldwide for over 40 years from the mid 1940’s to the mid 1980’s. The use of asbestos in the commercial and industrial industries ceased after it was found to be linked to a rare cancer called Mesothelioma.
Why is asbestos so harmful?
In our last post we discussed the severe health risks asbestos exposure can pose. With asbestos containing microscopic fibres, if these fibres become airborne and are inhaled by an individual they can cling to the person’s lungs causing severe inflammation.
With so many properties in Australia containing asbestos, it is crucial when buying a property with asbestos that you evaluate the costs and potential health risks involved with its removal.
How do you know if a property contains asbestos?
Vigorous testing needs to be done on a property in order to determine if it contains any asbestos. Before buying a property you have the right to hire a professional to conduct an asbestos evaluation. This evaluation will provide you with an in-depth overview of the key areas of concern, confirming if asbestos fibres are present as well as a free quote on the potential removal costs involved.
What to do if the property contains asbestos
It is recommended that you hire a professional asbestos removal company like Proas to remove any asbestos. This will save you any unnecessary fees when disposing of the asbestos and ensure you aren’t putting yourself at risk to exposure. If you do decided to remove the asbestos yourself however, you will need to check the laws enforced in the state the property resides to ensure you abide by the removal requirements.
If any asbestos is found to be friable in the initial evaluation process you should make sure that the sellers remove this prior to settlement or arrange a reduction in the property’s sale price.
If you are considering buying a property with asbestos in Melbourne we recommend contacting our team via our web page proas.com.au to organise an inspection of the property as well as a quote for the removal of the asbestos.