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When asbestos fibers become airborne, they enter a person's respiratory system. These fibers scar and damage the lungs and often lead to serious cancers like mesothelioma. Like many dangers in the house, asbestos isn’t easy to see when it could be causing serious damage. The amount of time exposed, combined with the person’s tolerance for asbestos inhalation and the amount inhaled, will all contribute to health problems.

Asbestos testing takes place in two stages—collection and lab testing. Collection can take less than 20 minutes if a professional manages to get a direct sample. If air samples are required, then the pro will set up a testing device and return to collect it. In both cases, the sample is sent to a lab and results are confirmed or denied usually within one to two days.

Knob and tube wiring is an older type of electrical wiring that's no longer used and generally not considered safe. However, some homes still have it, or may have a knob and tube wiring system that was incorrectly modified or rigged to work with a modern electrical system. Knob and tube wiring may contain asbestos insulation, but the only way to know is to have the material professionally tested.

Whether or not to buy a home containing asbestos is ultimately a decision for the homebuyer, and there are several things to consider. When in good condition and contained, asbestos is unlikely to present a health risk—it’s when those tiny fibers are loose and airborne that they become a problem. Consider any renovations you plan on doing to the home that could disturb existing asbestos and the cost of removal. If an inspection finds asbestos in a home on the market, you could negotiate with the seller for a lower price, though this isn’t a sure thing.