While this may seem like “old news” now that we’re almost 3 weeks post legalization, but there are still many questions left unanswered regarding the new laws surrounding marijuana consumption and cultivation. The most important series of questions revolves around the repercussions of growing marijuana in your home.
While the plants are now legal – MOST lenders haven’t moved their guidelines on the subject, meaning MOST lenders aren’t “keen on the green”. The ones that are okay with financing homes that have had or currently have marijuana plants growing in them, will charge a premium! Yikes! We’re talking a full 1% higher and a cash fee on top of that! Ouch!
More importantly than the lenders are the potential buyers. Do you want to limit your list of potential buyers to those who are comfortable with a more expensive mortgage OR a cash-only buyer? Likely not!
What is seen cannot be unseen – once it’s on the disclosure statement, it’s written in Sharpie!
Save yourself, save your asset – don’t grow in your home until we see a change in lending/insurance regulations and very importantly, don’t allow your tenants to grow in your basement suite or your rental property!
Hope this helps!
As always, I’m a phone call away… 604.833.8938
Rebecca Casey
Mortgage Professional
[email protected]
