Is it worth buying an old fibro home?

GreenGoblin

GreenGoblin

Hi all

I've found old fibro home built in the early 1960s that I'm considering buying, but my wife and I have some concerns. Given it's age, it would need some renos (particularly bathroom), but my wife is concerned about the asbestos in the fibro. She also feels tenants wouldn't want to live in a fibro home due to the asbestos.

The reason for my interest is that it's in a great location and is likely to be around $50k less than equivalent homes in the area. The price is lower due to the fibro; there was also some termite damage (treated a few years ago) and some other repairs would be needed. I'd estimate $20k for repairs, but this is very much a ball-park figure.

Normally I'd just walk away from something like this, but am very tempted given the location of the property and discounted price. Is it worth putting in an offer subject to B&P, or should I just walk away?

Cheers,
GG
 
Do you think the asbestos is in the internal sheeting only? not roof and external cladding?

If so, pay the $10k (depending on size) to get it taken out and re-sheeted. Sounds like the kitchen/bathroom needs a reno anyway? Looks like the $ stack up if its a good location.
 
Asbestos sheeting is good as makes the place cheaper because most people steer clear. Asbestos only bad if is loose and dry. Don't get too hung up about asbestos.
 
charlieandkath said:
Asbestos sheeting is good as makes the place cheaper because most people steer clear. Asbestos only bad if is loose and dry. Don't get too hung up about asbestos.
Click to expand...

Agreed.

Do your DD but asbestos doesn't need to be a deal breaker. We just had the sheets removed from bathroom and laundry in PPOR and it was only around $2k (and this is in canberra which seems to be the most expensive place in Australia at times).

Cheers

Jamie
 
Thanks for your replies.

vbplease said:
Do you think the asbestos is in the internal sheeting only? not roof and external cladding?
Click to expand...

Sadly the building is fibro (i.e. internal and external walls), and the roof may be too (I'd have to ask the agent). If the roof is fibro, I know that deteriorates over time, so presents more of a problem.

Further thoughts?
 
I have bought and renovated places with internal and external fibro and made plenty of profit. As long as its factored into your budget its fine. Fibro/asbestos walls internally or externally don't (in my view) present a great health risk unless being drilled/cut/sanded without proper precautions. Its the loose (Friable) insulation that can easily be breathed in if disturbed. Thats more of a worry.

Re roofing - I have seen some of the best deals EVER because of asbestos roofs. Buy it at heavy discount, get it properly removed and replaced with colorbond and hey presto you just manufactured some great equity.
 
I've now confirmed that the roof is also fibro-asbestos (Super 66). Also, there is some some (minor?) termite damage, which was treated in 2011. Termites climbed up hardwood posts and damaged the stairs up to the balcony/deck at the top of the house, as well as eating the skirting board.

I've been told the termites wouldn't have eaten the hardwood posts, but I'm not so sure. In any event, the owner won't sell subject to B&P, given the issues disclosed. I'd need to do a B&P before submitting an offer, and someone else is doing so this Wednesday, following which they'll submit an offer.

Looks like I'll be letting this one go, as it's interstate and I can't fly up to view it before the weekend. :(
 
Purchased fibro house in Sydney last week. Will be taking extra care/precautions when renovating. i personally dont mind fibro investment property with asbestos if price is right and in a good location.

...but if the wife has "concerns" then prob not as you might not hear the end of it :)
 
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