Friday, September 13, 2013

Values Go Up In Smoke

Trying to stop smoking? Still having trouble? Looking for another reason besides your good health to do so? Well, pay attention!  A recent survey of Realtors showed that the lingering smell of cigarette smoke can have a very negative affect on the sales price of a home. Of those surveyed, 44% said the smell of cigarette smoke will reduce the sale price of a home. The average reduction in value of all surveyed was about 20%, but a full third of the Realtors being asked stated the reductions in value could be anywhere from 20-29% over the same home without the smell of smoke. To put that into actual Dollars, if your home would be worth $1 million, a twenty per cent cut would cost you $200,000. Carrying this further a 29% reduction would be a full $290,000! That's a mighty expensive bad habit, to say the least!
Even if you own a condo whose value is 400,000, the 20% cut from smoke smell is $80,000, and the max from the survey, 29%, is $116,000--still quite a bite out of your wallet.
So, if concerns for your health aren't enough to get you to stop puffing, take a look at the health of your bank account and act accordingly.


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