Buying a House With Cryptocurrency

The popularity of cryptocurrency has surged in recent years, and it has now made its way into the public eye. It’s no longer strange to hear that your colleague has invested in Bitcoin or your neighbor is buying Ethereum.

However, as the use of cryptocurrencies becomes more common, it raises a few questions. What can you do with it? Can you spend it at the grocery? Could you use Bitcoin to buy a property?

Buying House With Crypto

Although it has been many years since the introduction of Bitcoin, investors are still finding it difficult to use their crypto assets to buy a home. The most common reason is lenders and conveyancers are unwilling to accept cryptocurrency.

Much of the skepticism about cryptocurrencies stems from their well-publicized links to illegal behaviors, particularly money laundering. In some countries, there have been occasional instances of homes being purchased using cryptocurrencies, but these are the exception rather than the rule. Buying houses using Bitcoin hasn’t yet become commonplace, as some would have hoped.

If you’re a buyer trying to fund your purchase with cryptocurrency, you may be lucky to find a lender and conveyancer that are prepared to help, but this will almost surely involve a lot of investigation and is far from certain.

Using Cryptocurrency in Property Acquisition

Buying a property with crypto can speed up the property acquisition process. However, it’s understandable that sellers are still hesitant to accept Bitcoin or other cryptocurrencies in their operations. Here is why:

Volatile Nature of Cryptocurrency

Because cryptocurrency’s value fluctuates rapidly, any offer you make with it will fluctuate in value for the purchase of a home. This is why sellers are hesitant to take crypto as payment because they are concerned that they will not obtain the value they expect.

Home sellers don’t want to cope with any kind of uncertainty. Because real estate typically rises in value, sellers are likely to be able to sell their homes for more than they paid for it. Accepting a Bitcoin or other cryptocurrency offer does not guarantee that the profit will remain beneficial.

Unawareness of Digital Currency

Cryptocurrency has been around for a little over a decade, but it has only recently gained popularity. Many people are still unfamiliar with digital currency and may be hesitant to enter into a transaction using a currency they don’t completely comprehend – particularly if it’s their first time interacting with cryptocurrencies.

Locating a Seller

If you want to use your crypto to buy a home, finding a seller who would accept digital currency on regular home listing sites can be tricky. Some merchants will state that they accept cryptocurrencies in their listings, but you’ll have to double-check.

Some real estate websites include filters that allow you to see only homes for sale that take cryptocurrencies, however, this is not yet a common option on many sites.

Examples of Property Acquisition With Cryptocurrency

There have been occasional instances of homes being purchased using cryptocurrencies, but these are the exception rather than the rule. Buying houses using Bitcoin hasn’t yet become very common, but still, there are some examples.

It’s known that two luxury houses were sold in Madeira Island, Portugal, and the payment was made with a cryptocurrency — Ada, Cardano. Also, some developers in the UK are known to have sold houses in exchange for Bitcoin.

The Bottom Line

As we’ve discussed, not all sellers will accept a digital currency offer, and even if they do, they may only take well-known cryptos, like Bitcoin or Ethereum. This is why it’s still difficult to buy a home using crypto. But if cryptocurrency continues to develop at the rate it has over the previous decade, this might begin to change, with future buyers and sellers becoming more at ease in the world of digital coins.

Get in touch

    Related Articles

    Find the best article opportunities find the best article opportunities

    Best Places to Invest in Real Estate

    Best Places to Invest in Real Estate As the world's population continues to grow and economies flourish, the real estate industry is becoming increasingly lucrative. The right investment in real [...]

    Commercial Property Insurance

    Commercial Property Insurance One of the most important requirements of maintaining the continuity of a business is to secure the workplace and the tools or equipment that are essential to [...]

    Homeowners Insurance

    Homeowners Insurance Buying a house is an excellent investment. It relieves you from the burden of the monthly rent, provides you with peace of mind, and is profitable in the [...]

    Landlord Insurance

    Landlord Insurance Have you just purchased a property to rent out to a tenant? Are you looking for the most suitable insurance policy to protect your investment against potential accidents [...]

    Landlord Insurance vs. Homeowners Insurance

    Landlord Insurance vs. Homeowners Insurance Although they sound very similar, landlord insurance and homeowners insurance show many differences in terms of costs and coverage. If you’re on the verge of [...]

    Buying Property in Germany

    Buying Property in Germany Germany is a popular destination for expats from all around the world due to its robust economy, high quality of life, and rich, diverse culture. Moreover, [...]

    Property Insurance: The Ultimate Guide

    Property Insurance: The Ultimate Guide Your property is one of your larger investments. insurance is a form of insurance policy that protects property owners and renters. Property insurance coverage includes [...]

    Buying a New Build Home

    Buying a New Build Home Buying a home is one of the biggest financial decisions you’ll ever make, and it can be intimidating. You must educate yourself during the process [...]

    How To Buy Off-Plan Property: Seven Useful Tips

    How To Buy Off-Plan Property: Seven Useful Tips Purchasing property off-the-plan is becoming increasingly popular among first-time buyers since it is a cost-effective method to join the market. Simply put, [...]

    How To Prepare for a Move: 18 House Moving Tips

    How To Prepare for a Move: 18 House Moving Tips Moving to a new home is exciting. It’s a fresh start, a door to new chances, and the opportunity to [...]

    Related Properties

    [Location]

    [Type, Bedrooms, Area]

    [Price]

    [Location]

    [Type, Bedrooms, Area]

    [Price]

    [Location]

    [Type, Bedrooms, Area]

    [Price]

    [Location]

    [Type, Bedrooms, Area]

    [Price]

    [Location]

    [Type, Bedrooms, Area]

    [Price]

    [Location]

    [Type, Bedrooms, Area]

    [Price]

    Let us accompany your overseas
    property investment process