Mortgage Resources

Would You Rent Out Your Home as a Marijuana-Friendly Vacation Home?

It’s called Marijuana Tourism and you would be surprised to find that many people are searching for a marijuana friendly vacation home.  You would also be surprised to find that there are websites and forums dedicated to connecting people to marijuana friendly vacation homes.    Or maybe you wouldn’t be surprised.  Maybe you are considering renting your home as a marijuana friendly vacation home.  If you are, there you should look at both the pros and cons that come with this newly emerging market. Pros If you choose to open your vacation rental to cannabis users you have opened the door to a whole new set of people.   Many people are choosing Colorado as their vacation destination simply for the fact that they can smoke marijuana legally there. Rental home owners can also ask for a larger nightly fee, which these vacationers will happily pay, for their cannabis friendly home. Cons There are some cons to renting your home out to vacationers as a marijuana friendly property.  The main con is the smell.  If you have any doubts that you will want to continue as a cannabis friendly property then we recommend not going that route at all.  The smell of marijuana penetrates the walls, furniture and carpets of a home.  While other marijuana smokers will not be bothered, non pot smokers will be and the cost of removing the smell far outweighs the income you may have made by renting it out to pot smokers.  Walls will need to be painted, carpets steam cleaned, likely more than once and furniture either replaced or deep cleaned. A second con is not knowing to whom you are renting to.  While this is true for all vacation rentals, pot-smokers sometimes have a bad reputation as partiers.  You could be opening your home to somebody who will have no respect for your property, but again, this is a risk that all vacation property owners take, so it is not something new.  Nor does it not mean you shouldn’t consider it, but you should have safe guards in place.  These include having insurance on the property (including your possessions) as well as require deposits from renters in case any damage is done.  If you have been renting the property as a vacation rental anyway, these should already be in place. There are a lot of pitfalls and rewards that come with property rentals and the same holds true for marijuana friendly rentals in Colorado.   Making informed decisions is the best thing you can do for yourself.   You could see a rise in your income by opening this new business venture or it could be disastrous.   Know your options and protect yourself and your property if you choose to go this route.  Many rental owners have made the change and are quite happy; you could be as well.