Bitcoin has created a new form of wealth, particularly for those who purchased bitcoin at its lowest value. Bitcoin is being used in over 270,000 transactions daily, and its usage is only increasing.
So, why not use your Bitcoin to make your real estate transactions? This guide will explain everything you need to know about property transactions involving bitcoin.
How To Make Your Real Estate Transactions Using Bitcoin
When using bitcoin to make your real estate transactions, you must be aware of real estate agents and companies that have experience of using bitcoin in the sale or purchase of a home.
Some real estate agents that have experience using bitcoin include:
The future of real estate is changing to accommodate the use of bitcoin in property transactions, and more real estate companies are facilitating bitcoin transactions. In fact, bitcoin is becoming as popular an investment as real estate.
If you plan to use bitcoin to purchase a property, you must first inquire whether the seller is accepting bitcoin. If the seller does not accept bitcoin, you must convert your cryptocurrency into traditional currency using a third-party website.
If the seller accepts bitcoin, you must negotiate the sale price in bitcoin.
You may only use bitcoin to purchase a property if you do not need to obtain a mortgage for the property, like a cash buyer. This is because banks are hesitant to accept bitcoin, partly because of its associations with money laundering, and it is an unstable currency.
Once the sale has been negotiated, you must also figure out the method of payment if your real estate agent fees can't be paid using the currency.
If you wish to sell your property in exchange for bitcoin, you must first find a real estate company that has experience using bitcoin to make real estate transactions (see the list above for guidance).
When listing your property, you must determine whether you are listing it only for bitcoin buyers or if you are willing to accept other cryptocurrencies or traditional currency. Once it is listed, buyers will make offers in your preferred currency, and you can accept the offer and sell your home for Bitcoin.
There are many advantages to purchasing a home using bitcoin, including:
However, there are also some disadvantages to buying a home with bitcoin, including:
Some of the advantages of selling a home using bitcoin include:
Some of the disadvantages of selling a home using bitcoin include:
Like many other transactions, real estate transactions are starting to accommodate the use of bitcoin to buy and sell houses. Since bitcoin is an emerging currency, there are limits to the sellers, buyers, and real estate companies willing to deal in bitcoin.
However, selling with bitcoin is indeed possible and grants sellers the opportunity for gains with bitcoin. Buying with bitcoin also offers buyers the chance to consolidate their profits and diversify their investment portfolio.
This is a guest post by Paul Gilbert. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.