How Does an Asbestos Inspection Impact the Value of Your Brisbane Property?
Do you plan to sell your property in Brisbane anytime soon? Then you need to think about doing an asbestos inspection on it. Everyone knows that asbestos is a dangerous material. It can lead humans to numerous health conditions. Hence, nobody is interested in buying a house that has asbestos. You should provide potential buyers that your home is free of asbestos. This is where an asbestos-free certification can help. The first step to obtaining such a certificate is to conduct a proper asbestos inspection in Brisbane.
How can an asbestos inspection create an impact on Brisbane property value? Let’s take a look at a few reasons that highlight the importance of it. Then you can understand the value impact and proceed with asbestos testing.
It will address health and safety concerns
Asbestos consists of microscopic fibres. These fibres can become airborne when they get damaged or disturbed. When you inhale these fibres, they can accumulate within your lungs. The worst thing about asbestos is that you can inhale the fibres without knowing. This can lead to severe health conditions like asbestosis and mesothelioma. This is the main reason why asbestos received a ban back in the year 2003 in Australia.
Homebuyers in Brisbane are becoming increasingly aware of the health risks that asbestos exposure can result. This is the main reason why they strive to buy properties that don’t contain asbestos. Otherwise, they will have to go through the hassle of asbestos removal in Brisbane on their own after purchase. This can create a negative impact on your property valuation. This is where you need to remove asbestos presence from your property.
Asbestos abatement is expensive
The asbestos abatement process can be expensive. On the other hand, building inspection can be time-consuming as well. The activities following property assessment can disrupt the day-to-day activities of people. Hence, the presence of asbestos discourages buyers. This will result in price negotiations. As a result, you will have to lower the value of your property.
It is required as per the law
According to the laws that exist in Australia as of now, you cannot have asbestos risk in your property. Your buyers will keep this in mind during a property inspection. Since 2003, you cannot use asbestos for property construction by any means. During a property investment, people look for signs of asbestos. If they find these hazardous materials, they will surely request a bargain.
As property owners, it is important to adhere to the laws. Non-compliance can lead to significant fines and legal issues. A property owner who doesn’t disclose the presence of asbestos can end up with delays in selling it. On top of that, such property owners will also have to go through significant renovations. They need to ensure the health and safety of the property before they can find a tenant for the property.
Property condition and maintenance expenses
Asbestos-containing material can deteriorate with time. This can lead the property owners to additional risks and costs. Upon detecting asbestos during inspection, it is important to proceed with immediate removal. Through proper removal methods such as asbestos encapsulation, it is possible to prevent further degradation. The costs of it can vary depending on the extent of asbestos. If you don’t want to spend a lot of money unnecessarily on property maintenance, you need to consider asbestos removal.
People who would buy your property would never want to deal with such unwanted expenses. Hence, you need to remove asbestos and hand them over to the property. It will help you to raise the value in the property market. Since your potential buyers don’t have to deal with renovation costs, you can easily increase the value of your property to an above-average value.
The real estate market within Brisbane is heavily influenced by market perceptions and buyer preferences. A property that has a clean bill of health from an asbestos inspection will surely receive more value in the market. But a property that has a history of asbestos can struggle to attract potential buyers. This can make the owners sell it at a lower price. If you don’t want to end up with such consequences, you will need to get an asbestos removal certificate.
Now you are aware of the relationship between asbestos inspection and property value. Raise your asbestos awareness and get rid of this hazardous material. Then you can easily increase your property resale value. If you need any help with it, feel free to get in touch with our asbestos consultant today.