Asbestos is a fibrous mineral that was widely used in homes in the late 1900s. The name of this material now sounds like the beginning of a horror story. Buyers cancel the contract if they detect the presence of asbestos in your home.
Most of the time, asbestos is present in your home. It can be found anywhere. Pipes, roofing structure, cement mixture, loose fill fiberglass and other insulation can have elements of asbestos. Because of the fibrous structure, asbestos was found to be of great use for insulating the house. It was affordable. The use of asbestos became common in the 1950s and was used in almost every home from 1970s. In the late 1900s, the Govt. banned the use of this element. Research shows that inhaling this element can result in cancer and various other types of diseases.
Asbestos is not harmful if left untouched. Let it be present inside the insulation, and it won’t do any harm. However, the moment it is damaged because of weather changes or renovations; it becomes active, and it is hazardous.
You mostly discover it during a rehab project. Asbestos was commonly used in the 1970s. That means, the homes built in the 1970s are now 48 years old and might require a complete makeover. The problem appears when the renovation project begins.
Contact a property inspector. The initial visit may cost you $200-$400. If the property inspector says the house has asbestos, you will need to carry out further inspection. Next round of investigation might end up costing $800 and must be handled by dedicated professionals. You must not be present in the home at the time of inspection. Let the team do its work.
You will get a quotation for removing asbestos if its presence is confirmed. Depending on the extent of the problem, you might end up paying $2,000-$30,000 for the job.
Get in touch with local companies in your area. Ask them to provide a quotation. National average price is $1,806, but the amount varies significantly based on the area. If asbestos is found everywhere in the house, then the cost will be in thousands of dollars. However, if you have to work on a small section, then you can pay as little as few hundred dollars.
Contractors do not charge a high fee for this job. However, building permits and licenses increase the labor cost. Before you start the work, ensure that all the contractors and technicians are licensed to work on asbestos removal projects. Once the renovation work is complete, inspect the house again to make sure it is safe for living in.
Like mentioned earlier, the presence of asbestos inside a house is not a significant issue. However, the law requires that you disclose this problem at the time of selling.
You have two options, i.e., sell the house as-is or remodel it completely.
Spending thousands of dollars on asbestos removal won’t bring any ROI. You are fixing up the property, but you are not increasing the value of the house.
Buyers are not interested in buying a home with asbestos. They don’t want to risk their health. Furthermore, asbestos removal costs thousands of dollars. In this situation, it is unlikely that your home will sell at the retail market. Consider selling your home to a cash buyer in Illinois. A cash buyer can buy your house as-is for a cash price within days.