Looking to purchase my first rental property after analysis paralysis. I have found some reasonably priced duplex, however the MLS points out it has asbestos siding. Was wondering if anyone had been through the abatement process, whats the average cost, is it worth it for my first investment?
@Andrew Hartley I myself am looking to pick up a duplex that also has asbestos siding in PA. Ironic
I have read that asbestos siding is probably the best and longest lasting siding ever made. And as long as not damaged is safe.
I have hang ups about it as well and am curious if it is worth the buy. I've read it's quite pricey to remove
Just leave it on or paint it if it's in good shape. If not then hire someone to side over it with siding.
Asbestos in Florida is completely safe IF you are the homeowner...and it is stable and/or encapsulated....But when selling? Or when buying? It is on the disclosure for FAR too; it can affect certain lending programs...insurance companies do NOT want anything to with asbestos siding, shingles, etc..... if the house burns down? It becomes a hazmat site... and remember, if an insurer finds out it was not disclosed, at the time of the insurance, they can drop coverage, substantially increase your premium, or refuse to pay a claim, if one is filed.... I've had clients unable to acquire insurance, other than through the Citizen's Fund in Florida, and they are typically 300-400% higher than normal premium(s).....
As a realtor it is an ethics violation to intentionally "non disclose" this and we live in a litigious society! As a seller it opens one up for Liability down the road....many appraisers now disclose if the find asbestos siding/shingles etc., in their work, and if they do? It stays attached to the home....Most thorough Home Inspections will find this, especially on an older home that has been "sided over" with aluminum or vinyl siding... I ALWAYS inform a buyer, when they are looking at older homes, the "cost potential" for them down the road...and they usually appreciate the info, as they are unaware...caveat emptor!
Abatement or Remediation: Many contractors will try to "sell you" on encapsulation, which is acceptable, (such as "painting it" with a recognized/certified sealant) but leaves the potential there... and again it is ALL about disclosure...Abatement/Remediation is the more costly but permanent solution.... if is a roof, the roofer should be certified in the removal and disposal. If it is siding, insulation, etc.? The contractor MUST be certified, it is a HAZMAT.... this will make the home marketable and insurable for "down the road"...
Rule of thumb is not to touch it or disrupt it. As long as it is in good shape you can repaint and call it a day. Otherwise you are NOT to remove it but simply side over it to cover it up.
I agree with the others. As long as it’s in good shape, paint it if needed and enjoy it! No real issue with it until it needs to be replaced. They’ll be some extra cost to replace, but it’s not crazy.
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