Real Estate Information Archive


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Investors Beware: CRA is coming after New Home Build Tax Rebates

by Claire Franceschetti

Here's something to really keep in mind when you are considering a New Build as an investment property.

Give me a call to discuss this or other aspects of buying investment properties!

Buying a Grow Op? It may not be a HOT OP!!!

by Claire Franceschetti

Is your dream home a former “grow op”?

Before you’re sold on the granite countertops and stainless steel appliances, consider that a previous homeowner may have been cooking up a lot more in the basement, bedrooms and even the family room, than a yummy dinner.

Buyers need to know that a home, formerly used for a grow-op, may hold a stigma when it comes to resale. There is an obligation to forever carry the "grow op" label with the property regardless of any remediation. Further, quick repairs made to cover up damage that occurred in the marijuana growing process may in fact, leave the home unsafe. Even the smallest amount of mold re-establish itself and grow to be a very serious problem.

Marijuana PlantsOn source of information on buying former grow ops is the Real Estate Council of Ontario's (RECO) website – Here you will learn more about grow-ops and how they can be identified. Their Marijuana Grow Houses publication provides some helpful tips for home buyers.  RECO Registrar Allan Johnston sits on the Provincial Advisory Group on Marijuana Grow-Ops and Clandestine Labs. He says reports to the group suggest grow ops continue to be a concern.

When working with a broker or salesperson in Ontario, remember that they are obligated to disclose any material fact about a property or its history they are aware of that could affect a person's decision to buy. That is why it is important to work with an registered salesperson who is competent and trusted.

Here are some tell-tale signs to watch for when considering a home purchase:
• Mold in corners where the walls and ceilings meet
• Unusual number of roof vents or signs of roof vents
• Fresh paint on window frames to cover damage caused by the high levels of humidity
• Painted concrete floors in the basement with circular marks where pots once stood
• Evidence of tampering with the electric meter (damaged or broken seals) or the ground around it

While buying and refurbishing grow ops can be a lucrative real estate venture, there are some significant issues to balance before beginning a project. Keep in mind also that the vast majority of lenders will not consider giving a mortgage without up to 50% down on the property. That often turns investors off. 

I'd love to hear about your experiences with grow ops! Drop me a comment and I'd be glad to share it with others!

Claire's Newest Most Favorite On Line Tool...

by Claire Franceschetti

My shopping trip to ELTE Outlet Store in Vaughan almost cost me a small fortune...Thank goodness I used this on-line tool to avoid a costly mistake.

Hope you enjoy this tool as much as I do! It's great for people who want to plan out their living spaces! Enjoy!

Displaying blog entries 1-3 of 3

Contact Information

Photo of Claire Franceschetti Real Estate
Claire Franceschetti
Right At Home Realty Inc.
190 Marycroft Ave.
Vaughan ON L4L5Y2
Direct: 416-918-6325
Office: 416-391-3232
Fax: Fax: 416-987-8001