How smoking affects your home resale value

Up in smoke: Resale value of your home

A recent survey of professional Realtors by Leger Marketing, sponsored by Pfizer Canada, indicates that smoking in a home may have substantial impact on the value and ability to sell a home down the road. According to the survey, released in April, the value of the home could be impacted by up to 29 percent, or more than $100,000, based on an average price of $369,000 in Ontario. Clearly, the majority of real estate agents and brokers (88%), indicated that it is more difficult to sell a home where owners have smoked.  56% indicated that most buyers would be less likely to purchase a home where people have smoked and 27% said most buyers are unwilling to buy a home where people have smoked.  44% of the group said that smoking affects resale value - 32% by 10-19 percent, and 32% by 20-29 percent. Can this be overcome?  Perhaps.  When working with your real estate agent in preparing your home for resale, you will want to assess the impact of smoking on the property.  First, if you have carpets, you should at minimum consider having them professionally cleaned.  A more prudent approach may be to replace them with hardwood or laminate flooring.  Walls and ceilings should be cleaned and painted.  You may consider cleaning or replacing furniture that may be harbouring tobacco odours, as well.  In some cases, you may need to bring in a company that can treat the home with ozone, which can reach areas that may be otherwise difficult to remedy.  With a comprehensive approach to dealing with the problem before listing your home on the market, you may be able to avoid being markedly disappointed when potential buyers start viewing the property. If you would like to explore further, I am always willing to discuss your real estate needs, without obligation.