Last September, Sotheby’s International Realty announced that they’d sold one of the first U.S homes using Bitcoin. Since then, Bitcoin has varied in value, but it peaked at $19,200 at the end of last year. As a result, early digital currency investors received a Bitcoin windfall which, experts state, is most commonly used to purchase a home. And, with Bitcoin expected to peak at $50,000 this year, the future of real estate looks set to change for good. But, it’s the nation’s homebuyers which could truly benefit from maximizing cryptocurrency in the housing market.
Purchasing a property using cryptocurrency
Over the past year, 20 properties around the world have been purchased using cryptocurrency, including the first EU property transfer in January of this year. However, realtor, Stephan Burke expects a significant rise in such sales. He claims that 25-30% of real estate sales will be completed using cryptocurrency over the coming years. One of the biggest benefits in utilizing the digital currency on a house purchase is that it is quick, easy and seamless to send a large amount of cash from one party to another. Furthermore, transaction fees are fairly low and there’s no need for middlemen to interfere in the process. These middlemen typically slow the house purchase process down to weeks, but with cryptocurrency the entire process could complete in just days.
Enhancing your home’s technology
Every new homeowner wants to get the best out of their home which is why the nation’s homes are packed full of smart devices. The average home starts out with four devices before increasing their portfolio, according to USA Today. But, items such as voice-activated home assistants could be enhanced by accepting cryptocurrency as a payment option. This would make purchasing belongings for your new abode even simpler. There are some belongings which homeowners simply can’t wait for, such as appliances to heat the home, including heaters and fireplaces. Paying for these goods via cryptocurrency will ensure your home is lovely and warm all year round as this payment option means you haven’t got to wait around for your next paycheck when your digital wallet is bulging.
Keeping on top of your household bills
Each year, Americans fork out $18,186 on housing costs, including bills, according to the Bureau of Labor Statistics. However, as a new homeowner, you’ll likely have higher costs as you’ll be charged for items such as a new phone and television connection. Therefore, having a convenient way to pay your bills is essential. There are now a whole host of payment apps which allow you to pay for your household bills via cryptocurrency. Having cryptocurrency on hand provides greater options for homeowners and for the 2 billion people worldwide who don’t have a bank account.
Cryptocurrency is gaining momentum in the real estate industry following the successful sale of multiple properties worldwide using the digital currency. From buying a new home, to packing it full of must-have items and keeping your finances in check, cryptocurrency promises to turn the house buying process on its head for all.