Buying a Property with Cryptocurrency in Thailand.
Buying a Property with Cryptocurrency.
Just a few years ago, the idea of buying a house with cryptocurrency would have seemed fanciful but today it’s a genuine payment option in many parts of the world. If you want to buy a house with crypto and the seller is willing to accept the cryptocurrency you are holding, there really is nothing to stop you. Here in Thailand, there are developers and agencies that are happy to organise and accept crypto property purchases, as there are in numerous other countries. But is it a good idea to buy a property with Bitcoin or Ethereum and what factors should you consider before doing so?
Why buy real estate with crypto?
There are a number of reasons why some people choose to buy real estate with crypto rather than with cash.
• Speed and convenience - If you have the necessary funds in a digital wallet on a local exchange, paying for property with cryptocurrency could save you quite a lot of time and hassle. Most such transactions can be completed in a matter of hours rather than the days it might take for a wire transfer to arrive and there’s no need to worry about exchange rates or SWIFT fees.
• Realising profits/diversifying investments - Anybody who has built a large Bitcoin holding over a period of years is probably sitting on quite substantial unrealised profits right now. Buying property with cryptocurrency you have accumulated over time could be a great way to realise some of your profits and diversify your investment portfolio.
• Negotiating power - Using a freely convertible cryptocurrency is basically the same as using cash from a negotiating perspective and cash buyers always have an advantage in the real estate market.
• Potential savings - It’s difficult to evaluate the potential savings when using cryptocurrency to buy a house because you don’t know how the value of your crypto holdings may change in the future. However, if you believe the upside is limited in the near term, using Bitcoin or other cryptocurrencies could work out to be considerably cheaper than taking out a loan.
How important these advantages are to you will play a big part in your decision as to whether it is a good idea to buy a property or buy land with crypto.
Other factors to consider when buying property with cryptocurrency.
In addition to the potential advantages listed above, there are a few other factors you should take into consideration.
• Local regulations - Are there any local laws governing the purchase of property with crypto that may complicate the transaction?
• Future market conditions - Could you be sacrificing future profits by using crypto to acquire property or might it be the right time to do so?
• Presence of willing sellers – The presence of plenty of sellers who are willing to accept crypto will put you in a much stronger negotiating position when trying to agree a price.
If you’d like to find out more about buying property with cryptocurrency in Thailand, the team at Sunway Samui is here to help. Contact us now for expert assistance.
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