Study: A smoker’s home can lower value up to 29%
Impact of smoking in the home: Beyond cosmetic
A recent survey of real estate agents and brokers, sponsored by Pfizer Canada,
found that smoking in the home not only stains walls and carpets, and leaves a
smell that can be hard to eliminate, but furthermore lowers the value of
property up to 29 percent.
Almost half (44 percent) of the real estate
agents and brokers surveyed said smoking in the home affects resale value. Of
these, one-in-three (32 percent) said smoking in the home may lower the value
by 10-19 percent and a further one-in-three (32 percent) said it may lower the
value by 20-29 percent.
An overwhelming majority of real estate agents and brokers (88 percent) said
it’s more difficult to sell a home where owners have smoked. More than half (56
percent) said most buyers are less likely to buy a home where people have
smoked, and 27 percent went further and said most buyers are actually unwilling
to buy a home where people have smoked.
Comments (2)
There are also a few recent studies which are raising potential health impacts on future tenants. TSP and new paint does not get rid of the residue, which eventually finds its way back to the surface and into the air or the mouths of small children who run their hands over the surface. When we look at a property formerly inhabitant by smokers, we budget for a "back to the studs" renovation and price our offer accordingly.
Roy N., over 12 years ago
Tangent to this -- I never allow tenants to smoke in my rental properties because that also means it would be harder to find future tenants.
Dawn Anastasi, over 12 years ago