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April 19, 2021

Smoking decreases value of homes

Smoking is not only bad for your health but it's also bad for your house.

According to a new survey, smoking in your home can lower it's resale value.

In fact, it can lower the property value by up to 29 per cent. And, based on an average Canadian house price of $378,532, that's a loss of over $109,000.

So not only do smokers lose money due to the expense of buying cigarettes, but they also get burned when it's time to sell their home.

David Visentin, realtor and co-host of  the W Network's Love it or List it, says, "Smoking has a profound impact on how appealing a home is to a prospective buyer.

"It stains walls and carpets, and leaves a smell that can be hard to eliminate. Many prospective buyers are really put off by homes that have been smoked in, and they can be very challenging to sell."

And it's true. If you notice ads on ebay, Kijiji, Craigslist or even in your local newspaper, the selling point feature on many of the listings is that the item is from a smoke-free home. Even vehicles for resale are easier to sell when they are smoke-free.

The survey of realtors and brokers, sponsored by Pfizer, found that 88 per cent agreed it is harder to sell a home where the owners have smoked. In fact, 56 per cent said prospective buyers are less likely to purchase a home where people have smoked, and 27 per cent stated that most purchasers will not buy one at all.

According to statistics, 15 per cent of the homes in Canada have at least one regular smoker.

And if you're planning on getting fair market value for your home, that's just one smoker too many.

By Donna Donaldson, MSN Money

Do you or someone else in your household smoke inside your home? Do you think it affects the resale value of your home? Will you be taking your habit outside or better yet, will you be quitting altogether?



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

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The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...