Smoking can affect a home's resale value

Posted: 8/26/2013

From Chicago Tribune:

If all the dire warnings about your health haven't motivated you to quit smoking, perhaps a jolt to the real estate pocketbook would do the trick.

A couple of recent events have dovetailed to make one wonder whether the real estate industry - and, of course, consumers - might want to take a longer, harder look at the buying and selling of smokers' homes. And that perhaps they ought to get more familiar with the chilling term thirdhand smoke.

Event One is a smallish but nonetheless interesting study of real estate agents in Ontario, Canada, that suggests smoking could reduce a home's resale value by thousands of dollars. Real estate agents told pollsters commissioned by pharmaceutical manufacturer Pfizer Canada that having a regular smoker in a home can reduce its value by 20 percent, on average.

About 44 percent of the agents surveyed said smoking will reduce a home's value by some measure. Of these, one-third said the reduced value may range from 10 to 19 percent; another one-third said it could lower the value by 20 to 29 percent. Read more.