Expensive as it is, cigarette smoking can cost you more by seriously hurting your home’s resale value when it is time to sell.
The study was conducted by the Ontario Real Estate Agents and Brokers and was sponsored by Pfizer Canada which shows that most buyers are less likely to buy smoker’s homes.
It has shown that smoking inside your home could lower its resale value by up to 29%. With Ontario’s average house price of $369,000 this could mean a whopping loss of $107,010!
The impact of smoking in the home is not just cosmetic – it can significantly affect property values. Almost half (44 per cent) of real estate agents and brokers surveyed said smoking in the home affects resale value.1 Of these, one-in-three (32 per cent) said smoking in the home may lower the value by 10-19 per cent and a further one-in-three (32 per cent) said it may lower the value by 20-29 per cent.
David Visentin, a top real estate agent in Southern Ontario and co-host of the W Network’s Love it or List it says, “Smoking has a profound impact on how appealing a home is to a prospective buyer; it stains walls and carpets, and leaves a smell that can be hard to eliminate”. He continued by saying “Many prospective buyers are really put-off by homes that have been smoked in, and they can be very challenging to sell.”
Click here for the full article from Pfizer Canada.
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