The Cost Of Smoking
We all know smoking is an expensive habit – it can cost some $2,000 a year for a moderate smoker. Add in its eventual health costs and it soars upward from there. But here’s news that might make that butt fall out of your mouth for good: If you smoke in your home, you might have to add $100,000 to that tally.
Pfizer Canada surveyed Ontario and Quebec real estate agents about the cost of a home’s resale value and found that having the smell of smoke – which gets absorbed into carpets, walls and ceilings – can lower the sale price by up to 29%. “With an average home in Ontario listed at $369,000,” the release says, “that may mean a loss of up to $107,010 for homeowners.”
The survey’s Top 5 findings:
• 87% of the agents and brokers surveyed said they believe smoking in the home lowers resale value to some extent.
• 45% said smoking is a major factor affecting resale value. Of those, 15% said it may lower value up to 9%, 32% said it may lower value by 10% to 19%, 33% said it may lower value by 20% to 29%, and 21% said it may lower value by 30% or more
• 89% said it was more difficult to sell a home that has been smoked in
• 46% said the smell and 26% said health concerns were the main reasons it was difficult to sell a home that has been smoked in
• 27% of respondents said most buyers are actually unwilling to buy a home where people have smoked
Pfizer, a biopharmaceutical company, says that even for those not considering selling their homes, quitting smoking can have benefits not only for their lungs but by having a cleaner home, where the air is fresher, the upholstery, windows, drapes and mirrors and much more all will smell better and require less cleaning. Not to mention there may be more friends and family willing to come for a visit.
Originally Published: The National Post; April 16, 2013
By: Shari Kulha
To View The Original Article: http://www.nationalpost.com/m/wp/homes/blog.html?b=life.nationalpost.com/2013/04/16/smoking-in-the-house-can-cut-its-resale-value-by-up-to-29