Asbestos is certainly a word that can worry homebuyers. Asbestos is a naturally-occurring material that was widely used in building construction for many years, especially during and before the 1980s. Despite the fact that it was banned from use in 1999, many homes still contain asbestos. And this can become an issue when you come to sell your home.
Some homeowners can be put off buying a property by the presence of asbestos – but does it affect the sale price? Here we take a look at how asbestos affects house prices and what you can do about it.
Can you sell a home that contains asbestos?
The simple answer to this question is: yes. A house that contains asbestos can be sold, and this generally won’t be a barrier to getting a mortgage on the property. However, under the Property Misdescriptions Act, you are legally obliged to disclose that asbestos is present in the property, if you are aware of it. This means that if you have been made aware of asbestos in your property, you must make any potential buyer aware of this too.
Of course, it could be the case that there is asbestos on your property and you were not actually aware of it. Clearly in this situation, you are not expected to carry out extensive asbestos surveys on your property to determine where asbestos may be present.
The effect of asbestos on your house price
There is no doubt that asbestos can have a significant effect on a property. However, the extent of the effect will depend enormously on how much asbestos is present, as well as the current condition of the asbestos. Clearly, a small amount of asbestos won’t be a major problem, but if there is a lot, homebuyers may become increasingly wary.
It should also be noted that there is another way that asbestos could affect the value of your home. It may be that you have already agreed a price with buyer, but they then have an asbestos homebuyer survey carried out and discover its presence. At this point, they may expect you to either pay for removal, or factor this cost into the house price.
Can you remove asbestos from your property?
You might assume that the best plan if you have asbestos on your property is to have it removed as soon as possible. This is an option, but it might not always be the best move. Asbestos is actually at its most dangerous when it is disturbed or damaged. This is usually a necessary part of the removal process.
It may actually be preferable to simply manage the asbestos. Asbestos that is in good condition is not generally a risk to health. Many buyers will be willing to buy a property with asbestos, as long as they know that the material has a management plan and is in good condition.
Steps you need to take
It is important to take positive steps to make sure the situation is as simple as possible from a homebuyer’s perspective. Even if finding asbestos in your property leads to it being less valuable, it is important that you should know about it. Therefore, having an asbestos survey carried out before you sell could be a good move.
Remember that well managed and maintained asbestos that is disclosed by a seller is unlikely to be a major detractor from the price. However, if the buyer has their own survey and discovers asbestos you were previously not aware of, you will almost certainly find that they will request a reduction in price.
If you would like to have any kind of asbestos survey carried out, don’t hesitate to get in contact with the experienced team at Crucial Environmental today.