No. Bought and sold 2 70-year old houses. |
Plenty of paranoid types with more money than common sense in this area who will. |
We paid maybe like $2k to have asbestos removed. Not really "setting money on fire" and will pay off when we can confidently assert the home has no asbestos. |
No to what? Name the state that doesn't require you to disclose asbestos. You absolutely need to disclose it in the DMV if you know it exists...even if you carpeted over it. |
There was nothing about asbestos. I guess the sellers didn’t bother to find out? |
That's possible...or they purposely left it out and hoped the buyer wouldn't ask. |
🤣 |
More like 1-2 buyers out of 10. It's clear you don't understand asbestos. Like lead paint, there's a mantra instilled in some people to avoid at all costs. In reality? Asbestos isn't dangerous if left alone and encapsulated. The idea you'd gain 2k in value in the house by spending 2k removing Asbestos is not based on anything but personal feelings. Other things in the house are far more important to buyers. Sellers in older desirable areas will always get a good supply of buyers so missing out on the 1-2 buyers who can't live with Asbestos tiles ine basement is no big deal. And such buyers are mostly only going to be looking at newer houses in the first place. |
I understand it completely. My own house is 100 years old and we had the asbestos removed (tiles), but it seemed to scare off enough buyers because we ended up not getting into a bidding war back in 2004 (when things were kind of nuts) and it's really not that expensive. There is a house that just went on the market that was built in 1917 and the realtor made the sellers (an estate as the longtime owners died) remove the asbestos because she said it will scare off a majority of potential buyers or at the least they will factor something into the price...so why do that for a relatively minimal cost. We live in neighborhoods with $1.5MM+ homes...why wouldn't you spend several thousand to just remove it? It's chump change. Lead paint is actually a far more expensive endeavor if you try to remove it. If it only cost $2k to remove lead paint, more would do so...but yes, you hope there are several layers of non-lead paint covering it and you find the biggest issues with lead paint is of course in very old, poor homes where it is chipping everywhere and small children are literally eating it. |
Anecdotal. No statistical evidence, especially as many other factors go into determining a home's value. My own realtor, who is experienced and knows our market extremely well, shrugged and said encapsulate with LVP or tile. If buyers want to remove it, they will remove it but it doesn't affect value of a house that is otherwise already in great shape and updated. In your market of +1.5M houses, if two houses are identical with the only difference being one has the basement asbestos tiles and the other doesn't, is there a meaningful price difference? You'll likely find the answer is no. |
There were other things going on with your house, not just asbestos. I bought an old house last year that had very visible basement asbestos tile and there were 6 other offers and a bidding war. We just covered it up with floor leveler and put LVP over it. NBD. |
Well, you didn't actually provide any statistical evidence...simply your opinion. So, do you have any statistical evidence? It's odd...I mean, spending $2k or $5k is really chump change. |
Alternatively, you could easily argue that as it is only chump change, most buyers won't factor it into their asking price because they'll do it themselves. It's not a 100k kitchen replacement or a 20k HVAC upgrade. I did go to an open house in my neighborhood that was an estate sale and the agent proudly blasted the asbestos tiles had been removed from the basement. You absolutely could see that it had been done. And you absolutely saw you needed to put down a new floor as it was covered with the stains or residues of where the old tiles had been. House sold well and for a good price. I've also seen similar estate sales in the neighborhood with asbestos tiles in situ and selling prices with multiple offers were in the similar range as the house with the asbestos removed. There are so many factors that go into the sale price of a house and asbestos or absence of asbestos tiles is just one among many. |
DP. Chump change or not, I see no reason to spend money if I don’t have to. Our realtor said not to bother with asbestos removal, and it didn’t affect the sale of our house which went pending for well above asking the day it hit the market. |
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You do know on the sale of any home built before 1978 you have to give that standard Absestos warning any how.
My 1955 old house only had absestos tile in my small basement and some absesto white insulation in crawlspace under house. My basement had wall to wall carpet. How is that worth any money off house. Funny part is after 12 years my house got flooded in Hurricane sandy. My wall to wall basement carpet was under four fee of salt water over night and I only got water drained a few days later. The salt water disolved the glue. on the tiles and myself and BIL was cutting carpet to throw out we tossed the tiles and EPA clean up was picking up stuff anyhow. Same for white insulation in crawl space. And then to get my FEMA funds after restoration they came back and check whole house absestos and found zero. Guess what when I sold house in 2019 I still had to do Absestos disclosure. Does not matter there is none. And by the way my 1955 house had zero absetos when built. Someone renovated basement in the 1960s and put down tile and heating oil company put up insulation on hot water pipes in crawl space since it was not heated in crawl space. Not every house built had absestos. |