The big news in the Cryptocurrency market is its fast acceptance in several real estate listings worldwide. Such widespread approval is an opportunity for holders of cryptocurrencies like bitcoin and ethereum to diversify their assets. However, the only challenge is not everyone can navigate this new world of technological transactions seamlessly. In this article, we have written a detailed guide that will help anyone buy properties with Cryptocurrency. So, whether you have purchased a property with crypto in the past or not, this article gives more insight on how best to buy with cryptocurrency.
- Get a willing seller
The first step to getting a house with your crypto is finding someone willing to exchange property with Cryptocurrency. In most places in North Cyprus, you can buy luxury property with Bitcoin and ethereum. Though locating those real estate listings might be a challenge, but it is still possible. Some vendors will gladly see crypto as an excellent means to diversify their funds to do the exchange. So, both parties will make the transaction through their digital wallets and close the deal without a third party.
- Lawyers are prerequisite
Getting a lawyer that is adept with how cryptocurrency work is critical. Also, the lawyer should be familiar with the laws that apply when you buy luxury property in North Cyprus. Plus, if you are new in the state, you will need lawyers to help you get acquainted with all legal procedures to avoid getting into trouble. Ultimately, your lawyer will follow the same process as the fiat currency exchange platform; the only difference is knowledge of using a digital wallet for transactions.
- Get a surveyor
Whether you will be buying a completed house or under construction, it is a good move to hire a surveyor to do the necessary survey. The survey is done to check if everything is highlighted in the property specifications. This is what every regular buyer does for any property purchased, and using bitcoin to buy a property doesn’t make you less of a typical buyer. The only distinction is the payment currency your surveyor will receive. Not all surveyors transact in crypto, which might be a challenge, except you convert it to fiat and pay.
- Price agreement
Before you buy property with Cryptocurrency, you first have to agree with the seller on the price to pay because of the volatility of the currency. For example, bitcoin’s price is always changing due to various activities going on in the world. So, if a particular amount is agreed on in fiat currency and the exchange is needed to be done, the buyer might suffer loss in the long run. So, before you buy a luxury property with Bitcoin, agree with your seller on the worth of bitcoin or whatever cryptocurrency you will be paying with before sending. Though one person might lose but it is expedient to agree to avoid the trouble of crypto variation.
- Check government policies
If you want to buy luxury property in North Cyprus with crypto, you need to check some guidelines and regulations before making payment. First, not all local governments accept payment with crypto. To avoid the hassle with invalid purchase currency, check if it is accepted in your state. Also, check if there is a regulation in that area that limits the kind of house that can be bought with crypto. All these should be confirmed before making any deposit.
No doubt, Cryptocurrency is a great asset but not every house owner is willing to do the exchange as it can be risky. Nevertheless, it is a good investment for those who understand the market. The only major challenge is getting those willing to take the risk.
If you are a buyer looking to buy property with cryptocurrency, just do your homework with the guide above and seal the deal. Remember to check all the regulations applicable to the city of purchase as you wouldn’t want to be involved in an illegal agreement. Then purchase as many properties as you wish. Happy purchasing.