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So, we’re a month into the legalization of marijuana and the novelty of the topic has not worn off. From a real estate perspective, conversation centers around what happens to your home and its value if you decide to start growing your own cannabis plants.
Legally, you can now grow four cannabis plants in your home for personal use, but the effect this might have on your home is still not clear. It’s unchartered territory for the real estate, mortgage and home insurance industries so many professionals are advising to abstain from growing and to take a wait and see approach.
From a real estate perspective, homeowners are asking us questions beyond insurance and mortgages. They want to know if growing pot in their homes could negatively impact the potential value of their home. And, buyers are questioning if there will be any residual effects in a home they buy, if the past owners grew a plant or two, or four.
Ultimately, for most of us, our home is our biggest investment and we’d always be wise to properly care for, maintain and protect our investment. That’s why, if you’re considering trying your green thumb at cannabis cultivation, you might want to hold off.
The Effects of Pot On Your Home
● According to Zoocasa, 48% of home buyers in BC would reconsider purchasing a house if marijuana had been grown inside.
● Home inspectors often use thermal imaging when inspecting a home. This can pick up mould and moisture in a home. While growing four plants doesn’t constitute a grow-op, some say it could still damage your home.
● The odour of a cannabis plant can linger, which could prove unappealing for potential buyers.
● Smoking your cannabis in your home? Just as homes that smell of cigarette smoke or pets can be more difficult to sell, the scent of marijuana in your home could also turn away potential buyers.
● If you’re planning on growing a couple plants, check with your home insurance policy. You may have increased premiums to be covered for this activity. The reality is the legalization of marijuana is so new that we don’t yet know what the true impact will be.
Currently, there is still a negative stigma associated with growing cannabis in a home.
Since legalization is so new, it will take some time before policies and any negative public perception change.
Sometimes how you care for and maintain your home, along with some of the things you might do in your home, can and do have the potential to negatively impact your property value. So marijuana is one of those things alongside cigarettes, pets, and poor home maintenance that should be considered when you sell or buy.
Experienced REALTORS know what to look for and understand buyers’ potential deal breakers, which makes us a great resource when buying or selling.
If you’d like to learn more about the potential effects of marijuana on your real estate investment or buying and selling in general, please give me a call or email, I’d love to chat.
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