Increasing Resale Values of Smoke-free Condos
Increasing Resale Values of Smoke Free Condos
Ashley Lamb, BA Econ.
Barrie Condo Corner
Going smoke-free can protect and increase the value of your condo.
Smoke gets into everything! A coat of paint and replacing carpets will not get rid of the smell of smoke, especially cigarette smoke. Not only does cigarette smoke stain walls and ceilings, but it sticks to kitchen cabinets, hardwood flooring, tiling and doors.
Did you know that properties that smell like smoke are 85% harder to sell? Not only do buyers see dollar signs when thinking about how to get rid of the smell completely, but they also have health concerns related to second hand smoke.
In fact, if you smoke in your unit you could be negatively affecting the resale value of your unit by up to 27%. You could also be negatively affecting the resale value of neighbouring units and your building as a whole since the foul odour and second hand smoke in your unit can easily enter into other units and the common areas through open windows and doors, and the HVAC system. Potential buyers could be turned off of a building if they are on a tour and smell smoke in the hallways and in other common areas.
Buyers are aware that condo buildings are starting to go smoke-free and living in a smoke-free building is of importance to many buyers, especially those that are looking to live in a complex that supports healthy lifestyles.
(1) Statistic Source: www.smokefreehousingon.ca
(2) Statistic Source: www.smokefreehousingon.ca