Worried The Pot Shop Next Door Will Lower Your Property Value? Realtors Say You Shouldn’t Be
Legal weed really doesn’t mean the neighborhood will go to pot after all.
One of the many concerns people have had about cannabis legalization is the loss of property value if a dispensary opens up down the road. But, according to a new report from the National Association of Realtors (NAR), most people don’t have anything to worry about. The NAR surveyed nearly 8,000 of their members to find out if having a cannabis business in your neighborhood affects how much you can sell you house for.
“More than three-quarters of members in states where marijuana is legal to some extent had not seen a change in residential property values near dispensaries,” the report reads. In fact, in 10 percent of cases, property value actually grew after a dispensary was opened nearby.
And if you’ve been growing your own weed at home, you shouldn’t have any troubles there either. Only around 30 percent of Realtors reported having difficulty in selling homes in which cannabis had been cultivated.
And when it comes to rental properties, things haven’t changed too much either. In states that have legalized cannabis, either for recreational or medical use, more than half of property managers allow tenants to smoke or grow marijuana. However, around 35 percent have banned smoking and growing in leased properties and others have preexisting smoking bans that continue to be enforced.
So, if you’re worried about what legal weed means for the value of your home, the answer is not much. The pot shop down the road won’t stop people from buying your place and neither will growing a little flower in the basement.