Who wouldn’t want to win a free house? The prospect is probably up there with the winning the lottery. I’ve seen a lot of these competitions being advertised recently and it got me wondering, is a house raffle worth entering?
How does it work?
House raffles work like any other. The competition launches, tickets are sold and a winner is announced. Often, properties will have a minimum number of tickets they have to sell, and if they don’t hit that number, a cash alternative will be offered.
People that decide to sell their home are bound by Gambling Commission rules, so often organisers have a legal team to ensure that everything is above board.
How much are tickets?
Ticket prices vary, depending on the property and the location. However, I’ve found a raffle where you can snap up a ticket for £2.50.
What do you get?
Again, the prize depends on the individual competition. But in the Win My Beach Home draw, you could win a three-bedroom property which has an additional one-bedroom cabin. The conveyancing fees (worth up to £1500) and Stamp Duty Land Tax (up to £15,000) are also covered. In addition, the winner gets the first year of running expenses and council tax costs (worth up to £2,000). Alternatively, the winner could opt for a pad in Portugal (worth £210,000), a £150,000 cash prize, a car worth £45,000, plus up to £10,000 towards a trip to Portugal for the transfer of deeds (or lump sum of cash). If you weren’t interested in either property then you could take a lump sum of cash, which is going up every day.
Where does the money go?
House raffles often take place in conjunction with a charity that the house owners care about. In the example of Win My Beach Home, the owners are working with Brain Tumour Research and Surfers Against Sewage.
Property owner Jan Michaelis, a former Olympic snowboarder, said: “We decided to raffle off our property for a variety of reasons. With Covid-19 lockdown restrictions, charities are in desperate need for help, so we thought we could raise some vital cash for two charities that are close to our hearts, we therefore are giving 10 per cent of net ticket sales to charity.
“We have friends that have battled with a brain tumour, yet research into this is greatly under-funded so we chose Brain Tumour Research to donate funds to. We have also experienced pollution in the ocean first-hand, which is why we selected Surfers Against Sewage.
What are the chances of winning?
The chances of winning a raffle like this vary, depending on the competition. With Win My Beach House, the couple is aiming to sell 240,000 tickets. So if they hit their target, the odds of winning if you purchased one ticket would be one in 240,000. But you can obviously increase your odds by buying more tickets. The more you buy, the better your odds.
Is it worth it?
If you see a house raffle, for a property that you’d like to own, then I’d say that it’s definitely worth buying a ticket. Somebody has to win and it could lead to you owning your dream property.
It’s also a little excitement isn’t it? £2.50 for a chance to win something amazing; who couldn’t do with that type of exhilaration during a drab January in lockdown? But even if you didn’t win, at least you’ll have contributed towards a good cause.