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Should your coop or condo go non-smoking? How might it affect your unit's value?

08-08-2011 by

As smoking bans become more prevalent -- even now in City parks, as well as beaches and public buildings -- some residential buildings are considering going the non-smoking route.  There are many implications, pro (lower insurance rates) and con (potentially discouraging certain buyers).  What are the factors to consider?

It's hardly a trend yet -- with an estimated half dozen coops voting whether or not to ban smoking at annual meetings this past spring -- but it may well be the way of the future.  And with now only a small, and decreasing, minority of the population smokers, there is a greater likelihood that prospective buyers will be attracted to the benefits of a nonsmoking building than that a smoker will be turned off.  Lower insurance rates and lack of second-hand smoke, which can seep trough walls and under doors, are certainly pluses.

For more on the current debate,  see this article from the New York Times' Real Estate section:

Read article at

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