How to Buy a House with Bitcoin

You’ve seen it on the news, the interwebs and some of your friends may have even invested in it. But what is bitcoin exactly? Long answer short, it’s a cryptocurrency which does away with a central bank and uses encryption techniques to regulate funds. No third party is involved, so buyers and sellers can make transactions directly. Soon you will be able to use bitcoin to remodel you kitchen, bathrooms and homes.

How Does It Work?

Bitcoin is an internet-based, decentralized payment system. Each user has an anonymous address, and you can trace every bitcoin’s transaction history. It uses blockchain technology, a database that co-exists in several locations and is shared by the community. This structure makes it incredibly resilient because there is no central point of failure that can be attacked. If certain nodes of the network are attacked successfully, the other nodes in the network can adapt similarly to the human immune system adapting to a new virus.

How Is It Taxed?

Taxes depends on the country. In the U.S., the IRS stated they consider it property, and every transaction needs to be calculated as a capital gains tax. There are services out there to simplify the process.

How Do You Purchase?

You only need one thing — for two parties to agree on the transaction. Enthusiasts are purchasing a wide variety of items with their bitcoins, from pizzas to real estate.

The first real estate transaction was a single-family home in Austin, Texas. The seller wanted the bitcoins converted to dollars, so they used BitPay, a global bitcoin payment service provider, to complete the transaction. Bitcoin’s value fluctuates every day, so the risk is on the buyer’s side since the seller agreed to a fixed dollar amount.

The pros of buying real estate with bitcoin is that once everything is signed, the transaction completion time takes 10 minutes to a day depending on network congestion. Think about that for a second — no need for the banking system. You can pay for the house, the realtor and anyone else at the same time.

However, make sure you trust the second party if you’re thinking of buying into real estate. If you want to reverse the transaction due to any litigation, then you need both parties to be compliant. Bitcoin transactions are not reversible.

You can’t buy a house with a mortgage payment — yet. Ethereum, a cryptocurrency similar to bitcoin, is one built on making smart contracts. I envision having open-sourced mortgage contracts that parties would interface rather than using the traditional contract. Smart contracts are self-enforcing mediums, so no third party is necessary once the mortgage contract is cryptographically signed.

How to Install a Level Countertop

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Installing a new countertop can be a challenge, and here’s how you can do it successfully.

Materials and Tools:

Nippers                                                                         Block of Wood
Hand Plane                                                                  Towel
Circular Saw                                                                Paintbrush
Hammer                                                                       Pencil
Router                                                                           Level

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How to Budget for a Remodel

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When it comes to home improvements, knowing what you want is the easy part, the tougher part is figuring out how much you can afford. All renovations can add up rather quickly. It is very important for you to budget accurately before you start any type of remodel. There are four steps that you will want to follow in order to calculate how much remodel you can afford: ballpark the cost, establish a spending limit, get quotes from contractors, and set your priorities.

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Dust Control During a Remodel

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If you have never experienced a remodel before, it’s safe to say that you will encounter a lot of dust in your home. While the results are exciting to think about, the tear down can become hazardous with loads of particles invading your space, making it hard to breath. Not only that, but whatever insect waste, paint remnants, or any other elements lingering in your walls, will be invading your air. There is a way to keep the level of dust to a minimum. It is even a best practice to ask your contractor how they intend to keep the dust from becoming a nuisance. In the same breath (pun intended), it is always good to know what to do for yourself.

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How to Remove Wallpaper

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So, you are redoing your bathroom and there is a ton of old wallpaper on the walls . Everyone knows how difficult it is to remove wallpaper, well it was up until today. First you will want to prepare your room. Clean everything out, tape up all outlets to be sure nothing is disturbed within them as well as turning off the breaker. If you are using any type of liquid, you want to be sure there is no electricity running in the room. Continue reading →

How to Create an Open Living Space

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Are you feeling claustrophobic in your living space? I bet walls are taking over your home. These days’ homes are built with open floor plans. But if you have an older home you may want to start taking down some walls to open that space up. Nothing says beauty and elegance like an open floor plan. Removing walls is not something you will want to do without having a licensed contractor at least assisting. Continue reading →

How to Add on a Room with a Contractor

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Is your family getting larger or maybe your house is feeling a little crammed lately? Well one way you can create more space is to add on a room. That will not only increase function and space for your family but will increase your home’s value. Whether you’re adding a sunroom to enjoy warm weather living, or adding a bedroom for a new member of the family, building a room is definitely a larger project to take on. Continue reading →

Benefits of Remodeling Your Kitchen and Bathroom

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Popular media and industry publications often analyze the return on investment of a kitchen and/or bathroom remodel. Remodeling 2015 Cost vs. Value Report, conducted by Remodeling, found that on average, a homeowner can expect to spend approximately $16,700 on a midrange bathroom remodel and will recoup approximately 70% of the cost at resale. The average cost of a midrange kitchen remodel is almost $57,000, and a homeowner can expect to recoup approximately $38,500 of that cost when they sell their home. Kitchen and bath remodels increase home value, and homes with renovated kitchens and baths tend to sell faster than those that need updating. Continue reading →

7 Common Bathroom Design Mistakes to Avoid

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Updating or remodeling your bathroom can be very exciting. There is so many design elements to start thinking about. Bathrooms, big and small, need to always be well thought out and functional for multiple users. If you can avoid these 7 common design mistakes below, you will be well on your way to a bathroom you will love for a very long time!

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