Browse Forums Real Estate 1 Oct 12, 2010 12:50 pm Hi everyone, I was hoping to get a few opions on the following: Hubby and I came across a property for sale for just over $100,000 in a fairly remote place of Tasmania. A person is already renting it and would love to stay there more permanently, which would be perfect because we wouldn't want to live there. The house is inside and out with asbestos but the person living there doesn't seem to mind. I just can't seem to make my mind up, if we should by it or not. Weekly rent is $130 and the mortgage repayment is around $175. My concern now is, that in case we would want to sell it, let's say in about 10 years time, we might be having problems to do so because of the asbestos. We have heard from the Real Estate agent that the government is planning on cleaning this place (town) up down the years to get rid off all the asbestos, which we'd probably have to pay for. I imagine it to be around $20,000, which wouldn't be too bad. I just don't know if it's worth it just for the sake of having an investment property, which may make us some cash in the farther future. I do like the idea, especially because it's so affordable and someone is already living there and hoping to stay there as well. But what if the law changes in anyway regarding the asbestos? I'm worried we might be made liable... I would so much appreciate your opinions! Thank you so much in advance!!! Re: Help! Need advice, please 2Oct 12, 2010 4:09 pm Island OB . I just don't know if it's worth it just for the sake of having an investment property, which may make us some cash in the farther future. Have you done any due diligence? It MAY make you money??? Don't buy something that is costing you money each week in the "hope" that it will go up in value. Sounds like gambling to me. Re: Help! Need advice, please 3Oct 19, 2010 9:55 am I would avoid a house containing asbestos. I had to renovate one a few years ago and it involved paying a fortune for special asbestos removalists to come in and work on the house. Also you need to do more cost analysis on the property. eg. Insurance, rates, bills (water service charge etc), and also look into vacancy rates in the area, general trend of prices in the area for the last X years, average rental return in the area. etc. Then work out if it will be an asset or a liability. You may find that you will get a better return (with less risk) on your $100k by leaving it in a cash management account for a few years. H's Emperor Q1 on acreage Site cut 16/6/11 Slab 2/8 Frame 29/8 Tiles 9/9 Bricks 13/10 Plaster 2/11 Fittings 28/11 PCI 19/3 Re: Help! Need advice, please 4Oct 20, 2010 4:12 pm cookie_monster I would avoid a house containing asbestos. I had to renovate one a few years ago and it involved paying a fortune for special asbestos removalists to come in and work on the house. That puts a huge limit on building a property portfolio if you limit your buying to houses less than 20 years old. Thank you @. Tried to play with the facade models but the exact colour is not matching up. 2 3275 Levelling compound Ardit is the best but buy a bag of sand and make sand dam to protect your wood floor 2 15258 XCEM Alpha flooring seems to relatively new and I could not found any reviews. Have you or someone you know have used it and would recommend over other subfloor options?… 2 7597 |