How can today’s legalization of Marijuana possibly affect the sale of your home you ask?

Today is a big day for Canada, today it is legal to smoke Marijuana recreationally. That’s great that you can smoke pot and grow your own supply but be cautioned, if you own your home and plan to sell it at anytime this can potentially have negative consequences on a sale. Remember not everyone smokes marijuana, just as not everyone smokes cigarettes, or vapes, you will have a 50% chance of someone looking at your home that will be turned off based on self values. Not only will it affect potential buyers based on their lifestyle but lenders may not make the process easy for them either. They may require complete home inspections to ensure electrical systems are up to snuff or mold and fungus are not present.

If you choose to grow plants and smoke marijuana in your home you will have to disclose it. To avoid some of the questions and concerns, you could do a pre-home inspection to get a head of the questions buyers will have.  But that can’t make up for any objections they may have if they have young children. 

Possible consequences you might expect:

~Longer days on market

~Lower sale prices

~Longer Condition periods with offers

~Potential lost deals due to lenders not approving financing

~Higher closings costs

If you are thinking about smoking pot in your home or want to grow a few plants, reach out and we’d be happy to discuss more in depth how this could affect your house value and sale in the future.

Posted by Robert and Shawna Eskiw on

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