A new study by Pfizer Canada has uncovered the true cost of smoking – its monetary damages to your real estate listings!
Anti-smoking campaigns typically focus on the negative health effects of tobacco, but a new study by Pfizer Canada has struck upon another angle – negative impact to real estate.
And the effects can be severe – according to the study, which surveyed more than 400 real estate agents and brokers based in Ontario, smoking can reduce the value of a property by up to 29 percent.
For the Sake of Your Real Estate Portfolio – Put Out That Cigarette!
An overwhelming majority of the sampled agents and brokers, according to a news report on the survey by CTV News, felt that selling a home owned by smokers was a difficult task. Other findings from the survey included:
- Fifty-six percent of respondents said that buyers are less likely to purchase a home formerly owned by smokers, with 27 percent saying most buyers would be unwilling to buy a smoker’s residence.
- Forty-four percent said that smoking affects the resale value of a home; a third of those respondents said the devaluation is between 10 and 19 percent, and another third said between 20 and 20 percent.
How to Sell a Smoker’s Home
So, now that you know about the detrimental real-estate effects of smoking, what can you do to avoid such depreciation, should you happen to take on a listing owned by smokers?
In a post for Street Directory, Calum MacKenzie wrote that the response to a smoker’s house should verge on all-out sensory warfare. In addition to the expected steps, such as airing out rooms, keeping windows open for extended stretches and thoroughly cleaning all the upholstery, window coverings and rugs, MacKenzie recommended cleaning the walls with Tri-Sodium Phosphate to remove any stains and priming and painting the walls.
And even when that’s done, you should still inspect light bulbs, paintings, picture frames – any little trinket that could be capable of absorbing the scent of smoking should be dealt with, because it only takes one whiff of smoke to alienate prospective homebuyers.
“Clean everything, down to the smallest detail!” MacKenzie wrote, adding that scented candles, perfumes and other aromas can also be employed to eliminate the deadly scent.