Asbestos siding on a a fourplex- should I buy?

Question

I am under contract for a fourplex that has asbestos siding. I noticed on Zillow that asbestos was listed as a building material, but I didn't pay attention to it until my insurance agent mentioned it. The property appears to have been recently renovated, with a new roof installed in 2020, and the exterior was recently painted according to Google Street View. It meets the 1% rule and is fully occupied. Should I pull out of this deal because of the asbestos? What would you recommend for a first-time buyer?

Hamidou Keita · Answer

Thanks

Shawn Bhatti · Answer

Lot's to consider here. Is the siding mostly intact and not ripped or cracked in multiple spots? If it's in good condition then you won't need to do much with it. However if it is rough and deteriorating/cracking then you might want to budget a high amount for removing it safely (which is not cheap) then residing the entire property.

I'd try to negotiate the price down either way!

Henry T. · Answer

What? I eat that stuff for breakfast. It is a bargaining chip that could help you reduce the price.  If you don't like it I'm sure you can get bids to remove it fairly cheaply, then put up your Hardy plank, or whatever. I'd be more concerned if there's asbestos inside.

Wasn't there a giant asbestos factory in Indianapolis? Or was that a smelter? I'll bet the whole town is breathing the stuff. Not a big deal really, but you do have to follow the laws  when doing abatement.