I am looking at a nice potential flip property but it is disclosed the outside is asbestos. I believe it is the shingle siding. For estimating purposes:
1. Do I need to replace them (most likely for resale right)?
2. What type of mediation do I need and estimated cost?
3. Should I just walk away?
Right now my numbers with Rehab are giving me a 30% ROI (buy at $120K, Rehab $55K, ARV $258K) so i could replace the siding and still have a pretty good ROI but I don't know what that is going to be regarding pain and cost...
What's the condition of the tile. If the tiles are all in perfect condition you do not need to replace them. I don't think you even required to disclose. At least not where I live.
It may be possible to install siding over the old tiles. Not sure.
Pretty easy to get a bid on tering it all off. Then you know. Remediation is not that big of a deal. Just a pain.
Thanks Tom. The home is located in Maryland
I agree with Tom, worst case you anticipate the cost of siding over them. However, similar to asbestos tile roof's, if they are in good condition then they last forever. I like houses with good condition asbestos tile roof's.
thank you Isaac
You can purchase replacement cement board tiles for any broken asbestos tiles.
I have a house with asbestos siding with no issues, although I might do vinyl siding over it someday. I'm curious what you come up with for cost if you have to remove it (I never got any estimates).
The only catch was when buying the place, I had to shop around with insurance companies as some didn't like the siding.
OK, from my experience (running my father-in-law's siding company) as far as the asbestos siding is not disturbed (like trying to remove it) there are no abatement requirements. It doesn't need to be disclosed (at least in TX) that it is there. As far as covering it up, what we were told (by multiple authorities) to do was simply wrap the house with insulation, such as 3/4" foam, and then simply nail the vinyl siding over it. The foam insulation insures that any possible dust from the nail penetrations is contained and therefore does not endanger the applicators or anyone else. I have done many houses over the years that had asbestos siding. Hope this was helpful.
I just had asbestos siding taken off of a small single family I own. It cost about the same to have it removed as the new siding cost to go on, with materials from Menards not market up and and paying $25/hour to have it installed. Not cheap, but mine was in bad shape. I was told that we couldn't put siding over it as the nails would create dust--wish I would have seen this thread a month ago, I would have proposed the insulate first option.
cover over asbestos siding with vinyl siding is a form of containment or encapsulation, and usually does not have to be removed, have you tested the siding to see if it is asbestos or just a cement siding ? usually cement siding is not as thick as asbestos siding, so trying to patch broken ones will not look good.
I am going through this myself right now. The problem is my insurance company and trying to find "someone" that provides "reasonable" rates. I don't know if it's asbestos or fiber cement tiles though, but based on "style" I am assuming asbestos. I have to get it tested. I looked into getting removed. Cost is $7K to $10K (depending on size of house - mine is a regular square shape with 1116 sq ft - two family). I might just have it done considering the ridiculous hurdles of finding a decent insurance company with "reasonable" rates. There is NO data nor documented evidence of ANYONE getting cancer from exterior siding (especially if it's painted). They just hear the word "asbestos" and they have a nervous break-down. Last family had the place for over 50 years and not ONE of them had cancer. They are the original shingles from yr. 1900.
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