Whether you’re buying, selling, renovating, or simply living, owning a property of any kind means thinking about its value. There are a lot of things that influence property value: location, square footage, the condition of the building… but there’s one thing many Kiwi property owners overlook: asbestos.
Having asbestos on your property can be a major red flag for your safety, especially if you’re planning to do work on it in preparation for a sale. But that’s not all! Being unsure whether there is asbestos on your property can actually harm your property’s valuation, meaning less money in your bank account when it comes time to sign on the dotted line.
The solution is presence-absence asbestos testing. This simple, non-invasive asbestos testing protocol can have a significant impact on your property’s value, both positively and negatively. It all depends on what you do once you get your results.
Curious? Read on for a full breakdown of this test’s potential impact on your property value.
What is Presence-Absence Asbestos Testing?
Presence-absence asbestos testing is a method used by accredited laboratories to identify whether asbestos is present in a given building material. Why is this important?
Between 1980 and the 2000s, asbestos was widely used as a component of all sorts of building materials in New Zealand. But because of the health issues that later become known, asbestos has since gained a ‘hazardous substance’ classification. In all buildings finished prior to 2000, there’s a chance that asbestos is present.
If an asbestos-containing material is damaged or destroyed, the fibres can flake off and trigger a host of health conditions if inhaled. Presence-absence testing allows construction crews, demolition crews, property owners, or even tenants to evaluate their properties for the presence of this hazardous material.
The test itself involves collecting samples from various parts of the building where asbestos is likely to be, such as the insulation, flooring, or roofing materials. Once these samples are carefully gathered, they’re taken to an accredited lab where technicians use microscopy techniques to analyse the surface of the material for the presence of asbestos.
If asbestos is detected, the test will return a ‘present’ result. If it’s not detected, the test will return an ‘absent’ result.
The Impact of Presence-Absence Asbestos Testing on Your Property
Getting a Positive Result
- Decreased buyer interest. Many buyers are reluctant to buy properties with asbestos in them, even if that asbestos is safely sequestered away and not posing any existing danger.
- Increased liability. Asbestos, when disturbed or deteriorated, can release those harmful fibres into the air. If buyers need to remove asbestos in future, they may try to negotiate a lower purchase price for the property.
- Potential harm if removed improperly. Asbestos must be removed and disposed of by experts and can present a significant health risk if this is not done. For potential buyers, this can introduce some worry that can impact your property’s overall value.
For these reasons, many property owners who get a ‘present’ result choose to access removal services fairly quickly afterwards. It’s important to point out that if you get a positive result, this isn’t the death knell for your property’s value.
It’s better to find out that the asbestos is present and safely remediate the situation than it is to leave it where it can potentially cause harm, and there are many possible avenues to restore your property’s value without hurting your wallet.
If you get a positive result: We recommend consulting with your tester for next steps, as your next steps will depend on the extent of the asbestos contamination found on your property. Asbestos does not always have to be removed. If it’s like that the asbestos-containing material will remain undisturbed, then your testing lab might recommend leaving it be.
However, if you’re planning on starting work on the property, safe removal will become necessary, as well as air monitoring during the works to prevent exposure.
Getting a Negative Result
- Increased buyer confidence. An ‘absent’ result indicates that your property is free of asbestos, which can be more attractive to buyers, especially those with health concerns.
- Peace of mind. For both you and the buyer, a negative result provides peace of mind. There is no future liability waiting for you, and the looming risk of latent health conditions is removed.
- Higher market value. In areas where asbestos is a known issue, a property without asbestos can command a higher price than its neighbours. Buyers might be willing to pay a real premium just to be sure that they won’t have to deal with those issues down the line.
If you get a negative result, Your property’s value will benefit immensely from a crystal clear ‘absent’ result. This is proof that there is no asbestos on your property. However, it’s vital that your property’s materials are properly sampled prior to the testing taking place.
If a likely source of asbestos is missed, then you might return a ‘negative’ result when there is asbestos still on the property. This is why it’s important to partner with asbestos testing experts when it comes to presence-absence asbestos testing.
Test your property for asbestos quickly and accurately with the team from Consultex Labs.
Our team of qualified, independent technicians is dedicated to keeping you safe from the hazards of asbestos.
We offer sampling and testing services to ensure you are as safe as possible throughout the whole process. Talk to us about analysing your sample today.