Property draws give you the chance to win a luxury home for less than the price of a London pint. We take a look at two prize pads that could be yours if luck’s on your side.
Win-a-home competitions took off after the 2008 credit crunch when exasperated owners were looking for novel ways of selling in a slow market.
But they fell out of favour because many didn’t comply with gambling laws or the prizes were withdrawn due to low ticket sales.
However, they seem to be gaining in popularity once again.
Earlier this year, a 23-year-old won a £545,000 Shropshire farmhouse with a £2 ticket, and a number of draws are currently underway offering pristine, move-in-ready properties while donating a portion of the proceeds to charity. We take a look at two of them…
London city slicker flat worth £500,000, tickets £5
Marc Gershon, CEO of developer Misuma Ltd, set up WinMyDreamHome.com to raffle homes constructed by the company and raise money for Great Ormond Street Hospital Children’s Charity (GOSH), a cause close to his heart as the hospital saved his father’s life as a child.
His latest venture is a £500,000 two-bed flat in fashionable Kentish Town in north west London, launched by Denise van Outen.
Beautifully refurbished to a high standard, it’s on the ground floor of a building that’s undergone a back-to-brick restoration and rebuild, fitted with the top-notch insulation, fire resistance and sound-proofing to minimise any noise from the neighbours.
There’s a sunny double bedroom at the front, a large open-plan kitchen/living room opening out onto a decked terrace at the back, a marble-tiled bathroom and a spare room that could double up as an office. The flat has sash windows throughout.
Running costs are low as it’s so well-insulated, and legal fees of up to £2,500 are being paid.
Single tickets cost £5 but the more you buy, the more bonus entries you get – for example a bundle of 100 tickets costs £100, working out at £1 each.
The closing date is December 31 this year, and the second and third place winners will receive £10,000 and £5,000 respectively. If there are fewer than 140,000 entries, the overall winner will get a cash prize of 60 per cent of ticket sales, in lieu of the flat.
Ten per cent of the ticket price to will be donated to GOSH, and Marc has also announced an initiative to support local retailers who are struggling in the wake of coronavirus, by gifting them a share of the profits.
‘I have worked in this area for many years and witnessed the amazing growth of really special small independent businesses,’ he says.
‘I just want to give something back to the community that has supported us over Covid-19, for pushing through the hard times and making Kentish Town as unique as it is.’
To enter visit www.winmydreamhome.com
Country house worth £1.25 million, ticket price £2
Painter’s Keep is a secluded detached house on a private estate near Goring-by-Sea in West Sussex.
Built in 1925, it started life as the estate’s water tower before being converted into a dwelling 30 years later.
Owner Peter Pearce has painstakingly restored it, creating a bright and breezy home incorporating four bedrooms – three with en-suites, a high-spec contemporary kitchen/family room and a top floor observatory with panoramic views of the sea and South Downs.
The house is worth £1.25million but could be won for as little as £2 as it’s being sold in a prize draw to raise funds for two local hospices, Chestnut Tree House and St Barnabas House.
The hospices launched a crisis appeal earlier this year when Covid-19 led to a 70 per cent drop in fundraising income, asking the local community for help to ensure they can continue providing care for adults, children and families.
‘Having tried to sell my house I saw this initiative as a way for me to move on, while potentially changing someone’s life with an amazing new home, and giving something back to our local hospices,’ explains Peter.
‘St Barnabas House is where my father was cared for until his passing and I witnessed the amazing work the team do there.
‘I am also throwing in stamp duty costs and the rest of this year’s council tax. So get your tickets while you can, for the chance of winning your dream home.’
The draw runs until August 31, and entries start from £2, with one free ticket per ten purchased.
The hospices will receive a guaranteed minimum £10,000, rising to £150,000 if at least 750,000 tickets are sold. If this figure isn’t reached, the winner will get a cash prize of 80 per cent of the pot minus fees and donations.
To enter visit www.dreamhomeprizedraw.com
Top tips when entering a property competition
- Read the terms and conditions carefully before parting with your £££s. If these aren’t easy to find, something’s not right.
- Check what happens if the minimum number of tickets hasn’t sold by the closing date. Will a cash prize be given, and what cut will the company take to cover its costs?
- Find out whether you’re liable for stamp duty, or if the current owner is covering it. Temporary reduced rates, whereby you only pay stamp duty on residential purchases above £500,000 last until March 31 2021. If you already own another home, your tax bill will be at least three per cent of its value.
- Look into whether legal fees are included.