How new Legalization of Marijuana Rules affect you as Homeowner?
Tuesday Oct 23rd, 2018
So from now on Tenants and Landlords will be legally permited to purchase, posess and grow limited ammounts of marijuana.
We al know if you smoke inside, walls, wood and textiles trap the smell of smoke and stays there forever, so it gets very hard to get rid of it.
If you are travelling to US, if you posess marijuana, you smoked same day, or if you work for Cannabis Companies, or even if you invest in Cannabis stocks you could be turned away at the custom. Pot users and people connected to pot industry under US law may may not be allowed to cross the boarder. Always disclose if you work for industry.
Noone knows how Cannabis will affect price of Real Estate. Based on experince in US, some of the houses, which where to close to canabis dispansaries lost up to 10% of there market value.
Four states with at least 1 year with recreational marijuana sales showed increase in market value, well abovenational median price. Lokks like younge people had moved to those states, to be able to legally smoke pot recreationally. It's a new experince, isn't it? Not everyone would move for that reason, I guess. Still Marijuana has specific negative perception and lots of people have stigma in regards to houses where weed is grown and used.
There are lots of actual factors affecting property, where large qantities of Marijuana are being grown: mold, and fungus, long lasting odor, damage to building structure caused by humidity and chemicals, air quality. Also safety issues due to accidental ingestion by kids and pets and overdose are well known effects, which are not helping to reduce stigma.
Also if your tenat is presribed medical Marujuana, they can grow up to 40 plants, which may cause all mentioned above damages to your property and it will be almost implossible to ban growing of pot in ths case.
Even if your tenant doesnt have medical presciption, most likely you don't have ban of smoking and growing Marijuana in your Lease Agreement, they will be able to smoke and grow 4 plants.
So no one knows how to regulate all of this. In a meantime my recommendation- try to add the ban of Smoking of all legal and illegal substances and scented products and growing Marijuana in your property, if you can. Especially, if air is shared between tenants and landlords, and especially, if you or anyone in the building has allergies.
Good luck, please share your ideas and experiences