Is your home smoke-free? A new survey has found that smoking in the home can reduce the resale value of the property by up to 29%, find out more here:
Apr 16, 2013 Hugh McKenna
Homeowners risk coughing up big bucks if they’re also smokers, according a survey of Ontario real estate agents and brokers.
The survey found that smoking in the home can reduce the value of the property on resale by up to 29 per cent.
The study was sponsored by Pfizer Canada, a pharmaceutical company whose products include a smoking cessation medication.
It estimates a potential loss of up to $107,000 on an home in Ontario, where the average price is currently around $369,000.
The study found that an overwhelming majority of 401 real estate agents and brokers in the survey agreed that it is more difficult to sell a home where owners have smoked.
More than half of respondents — 56 per cent — said most buyers are less likely to purchase a home where people have smoked, and 27 per cent said most buyers are actually unwilling to buy a home where people have smoked.
In Canada, an estimated 15 per cent of homes have at least one regular smoker.
The study found that almost half, or 44 per cent of respondents said smoking in the home affects resale value.
Of these, one-in-three said smoking in the home may lower the value by 10 to 19 per cent and a further one-in-three said it may lower the value by 20-29 per cent.
“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 it” 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.”
The survey was conducted between Jan 31 and Feb. 6 and is considered by the pollsters to accurate 19 times out of 20 within a margin of error of plus or minus 4.9 percentage points.
SOURCE: Canadian Business