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Bilt and eXp Realty announced in a press release that you can now earn Bilt Rewards Points when you purchase a home. This is big news, because it means an avenue to earn a lot of valuable rewards on one of the most significant purchases one can make.
As Bilt CEO and Founder Ankur Jain points out:
“Americans receive rewards for everyday purchases, but have never been properly rewarded for the largest purchase they will make in their lifetime. Bilt pioneered Bilt Points on rent payments to give members something back on their biggest monthly expense. Now, we're going to reward them when they buy a home—their largest lifetime purchase…This is part of our broader mission to make the path to homeownership more accessible and rewarding for our members.”
How Many Bilt Points Can You Earn on Home Purchases?
According to the press release, when you purchase a home through eXp Realty in conjunction with Bilt, you will earn 1 Bilt Points per 2 dollars purchase price. While this is not the best per-dollar earning rate, when you consider the cost of a home, purchasing a home could be very lucrative in terms of Bilt Points.
Consider the median house price in the US is $420,000. If you purchase a house at that price, you will end up with a whopping 210,000 Bilt Points. That is a substantial amount that can be leveraged for enormous value.
On average, AwardWallet members have been able to leverage their Bilt Points of an average value of 2¢ per point. Purchasing the median-priced home would end up earning you points worth over $4,200. That is an excellent return and will surely help in furnishing your new property or taking a vacation to de-stress from your move.
Related: Should You Use Bilt to Earn Rewards by Paying Rent?
Bilt Debuts a Nifty “Buy a Home” Tool
Along with the new ability to earn points for purchasing a home, Bilt has also announced its new “Buy a Home” tool. The new tool aims to make buying a home more transparent, especially when it comes to monthly costs. Features of the new tool include:
- Converting the list price into the best monthly payment estimate, with other costs, including property taxes, insurance, and such.
- The new tool takes the Bilt member's financial profile into account.
- Members can explore various downpayment scenarios to determine which works best for them.
- A display of various options in different cities depending on the selected monthly payment.
Our Take
The bottom line is that any new way to earn points and miles is excellent news. While the earning rate is not exceptional, it is still impressive to earn 2X points on the price of a house. It can translate into a bounty of valuable rewards.
However, it's worth calling out that while you can earn points on purchasing a home, you won't earn points on mortgage payments. Hopefully, Bilt will add this feature at some point because it would allow people who aren’t in the market to buy a house or already own a home to still earn rewards on one of their largest recurring expenses.
Would you consider using Bilt To buy your new home? Let us know in the comments below!
Read More: Bilt and Walgreens Launch Automatic Healthcare Savings Program
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