I’m sure this won’t come as a surprise to many of you but smoking in your home can significantly affect your properties value. A recent Canadian survey completed by a biopharmaceutical company, concluded that over 85% of real estate professionals agreed that smoking in the home negatively affects its resale value, making the home harder to sell.
The amount that the homes value will decrease depends on the extent of damage the smoking has caused. Other factors such as the length of time the house has been occupied by smokers, whether any updates have been completed on areas affected by the smoke damage, all play a part in how much the homes re-sale price is affected. Smoking can lower the price of the property anywhere from 20 % to over 30 % of the homes value. The average resale price of a Calgary home is currently $455, 760, so a 25% price decrease on that Calgary home would be $113, 940, which would be devastating to most Calgary homeowners!
Many prospective home buyers will remove your home from consideration after finding out that it is a smoking home. Over 50 % of buyers are unwilling to buy a home that has been regularly smoked in. The biggest reasons behind buyers not wanting a smoking home are the smell, their personal health and the effect that 2nd and 3rd hand smoke has on their health and their families.
If you own a home and are currently renting it out to tenants, you must make sure you do your due diligence and have it clearly stated in your rental contract that there is no smoking to be allowed in the home. Make sure your tenants are aware that breaking this agreement, and smoking in the home will result in a termination of the contract and potential eviction from the home.
To save yourself a lot of grief down the road, limit your smoking to outside of your house!
We hope you find this information helpful. For more information on home tips, or if you are interested in selling or buying Calgary properties, please Contact Us. We are the Home Sweet Home Team and we are your Calgary Real Estate Connection.