Asbestos shingles. reduce appraisal value?

[we here]

The home has perfectly sound, unbroken and un-battered asbestos shingle siding. Does this in any way reduce the value of the home?

In combination with outdated wiring (though the home has been continually insured for over 50 years) would the siding make the structure less valuable?

Any qualified opinions (any appraiser's opinion) would be greatly appreciated.

Thank you

 

[GCJim]

We Here,
Welcome.....
Unfortunately, the answers to both the asbestos siding and outdated wiring questions are YES, the value is most likely going to be negatively impacted, all other things being 'equal'. The siding and the wiring are a form of obsolescence. Sub-standard electric CAN be a hazard, and asbestos has been shown to cause serious health problems in many cases.

(Having said that, I spent many, many years as a child romping around grandma's basement, in which every pipe was insulated in asbestos. No negative health effects that I am aware of so far......knocking heavily on wood......)

In my neck of the woods, the very mention of the word 'asbestos' causes all sorts of panic, and in many cases, serious misunderstanding, particularly within real estate transactions. Some will run for the exits.

I highly recommend that from the start, you target for the right 'kind' of buyer, if at all possible. (Construction people, for example, deal with asbestos, lead paint, and other hazardous materials all the time. Disclose the conditions upfront and target for an 'as-is' buyer. But, do a little homework first. There is lots of information online regarding asbestos in existing homes, and possible courses of action.)

As far as determining what the actual impact to value will be, are there other homes with the same kind of siding in the area/neighborhood?

You may have local / state codes that specifically address existing asbestos.

Generally speaking , the cost of upgrading the electric to current standards, and the cost of replacing OR encapsulating the asbestos shingles are taken heavily into consideration.

Consult an experienced, qualified appraiser! This, in my opinion, is not considered a typical appraisal assignment, but complex. Ask up front if the appraiser has the qualifications to do this type of an assignment.

Hope this helps!

 

[CANative]

Unless the shingles are friable there should be no problem. The old shingles might cause a diminution in value because they are perceived by the market as being outdated or ugly. It depends on the market and what is going on with other residential properties of it's class and usage. Are houses in your area routinely updated, including the siding?

 

[Terrel L. Shields]

In states with really strict (read, silly) regulations on that siding specifically, they would be a complete drag. Here, in Arkansas, i wouldn't diss the value any less than siding of equal age and quality, say a wide lap metal siding or hardboard. They are somewhat "dated" in most instances, but I don't see them as a detriment.

 

[DMZwerg]

Greg Boyd stated it well.

To answer your question, YES in my market.
(In local market I have seen up to 20% for asbestos shingle siding)

 

[LI-Appr]

Ditto Greg and what is outdated wiring?
So bad a caveman can do it? Is it post and knob? Sixty AMPS were a 100 or 200AMP service is needed. Are you qualified to make that call? AB shingle poses no health danger unless you are stupid enoung too try and cut it with a saw or grinder. When it is cut,. It is cracked. It does not become free asbestos like insulation on pipes otherwise. If your comps have been updated to Vinly siding or even Alum. It maybe a condition adjustment.

KP