Everyone has heard the expression “smoking kills”.
That said, people don’t generally translate this to mean that smoking can kill, or at least seriously hurt, the resale value of your home.
A new study sponsored by pharmaceutical giant Pfizer found that smoking in the home can reduce a property’s value by up to a whopping 29% or $107,000 based on the average Ontario house price.
Here are the details on the study:
The survey was conducted between January 31st and February 6th
It involved 401 Ontario real estate agents and brokers
The average Ontario house price at the time of the survey was $369,000
88% said that it is more difficult to sell a home where people have smoked
56% said that most buyers are less likely to purchase a home where people have smoked
27% said that buyers are actually unwilling to purchase a home where people have smoked
One third said that smoking in the house may lower resale value by 10% – 19%
Another one third said that smoking in the house may lower resale value by 20% – 29%
In Canada, 15% of homes have at least one regular smoker, which could adversely impact the likelihood of these homeowners selling their property at full value
“Smoking has a profound impact on how appealing a home is to a prospective buyer,” says David Visentin, a real estate agent and co-host of the W Network’s Love it or List program. “It stains walls and carpets, and leaves a smell that can be hard to eliminate. Many prospective buyers are really put off by homes that have been smoked in and they can be very challenging to sell.”