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Buying and Selling Commercial Real Estate: Tips for Beginners


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Buying and Selling Commercial Real Estate: Tips for Beginners

Hi, my name is Maxine, and over the years, I have loved watching the property values in Australia rise. Through that time, I personally have bought and sold a number of properties and started to build up a savings account due to the money I have earned. In addition to earning money, I have learned a lot about real estate. I have picked up tips on everything from spotting a "diamond in the rough" to knowing when to be flexible on sales prices. If you want to learn about buying and selling commercial real estate, this blog is perfect for you. Please, take a look at these posts and enjoy reading!

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3 Asbestos Considerations When Buying An Older Property

If you're handy around the house, then buying a fixer-upper property will help you save on some buying costs in the long run. But older style properties need careful consideration for a variety of factors, most notably the potential presence of asbestos, especially if the home was built before the mid-1980s. Consider these factors when buying an older style property to protect your interests.

Consider Getting The Home Tested For Asbestos Presence

You can never tell if a house contains any asbestos with the naked eye, so you will need to get the place tested before buying. In most states in Australia, sellers are expected to let buyers know whether asbestos is present in the home. While legal to sell homes with asbestos, disclosure is a must, so you are within your rights to ask for asbestos testing in case you suspect any presence of the substance. Make sure an accredited member of National Association of Testing Authorities (NATA) undertakes the asbestos report for the best results. This asbestos inspection report also puts you in a better position to negotiate lower prices with the home seller.

Establish The Threat Involved With The Presence Of Asbestos

While the presence of asbestos raises warning bells, you should keep in mind that not all asbestos fibres are as threatening as others. For instance, solid asbestos sheets and untouched fibres remain dormant without causing much trouble over a person's lifestyle. The problems begin when loose asbestos fibres become airborne because people end up breathing them. This causes serious repercussions like cancers, breathing difficulties, asbestosis and much more. Make sure you consider the threat involved with the presence of asbestos in the particular home you're interested in before signing on the dotted line.

Ascertain The Action Necessary Before Exchanging Contracts

Even though asbestos isn't always dangerous, you may be within your rights to ask for certain changes and removals to be undertaken to the home before exchanging contracts or if you exchange the contract on the condition of asbestos removal. Keep in mind here that the seller can agree or disagree with your request based on their personal situation. In some instances, you and the seller may agree to share the cost of asbestos removal by taking a chunk off the selling price of the home. Consider your own situation and ascertain the action necessary prior to your sales contract becoming unconditional.

Buying an older style home can be incredibly rewarding, so follow these considerations to know if you need to hire asbestos services to protect your investment.