Can you really buy a house for £2?

Ever thought of winning a dream home for less than the price of a takeaway coffee? Winning a house in the raffle sounds like a dream come true. But is it too good to be true?

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With the average house price in the UK At around £283,000, for many people, the dream of buying or moving to a bigger place can feel out of reach. But, if you’re dreaming of more space for the kids’ toys, getting a house with a makeover from a fiver might sound tempting.

How do House Raffles work?

House prize draws or contests (they are not officially raffles, although they call themselves raffles, As it is illegal) is organized by property owners or companies who want to sell a house in an unconventional way. Instead of selling the property through an estate agent, they sell tickets for a chance to win a house (and make themselves as much money as possible). Once all tickets are sold or a certain date is reached, a drawing is held to pick the winner.

Is there always a winner?

In most cases, yes, there is always a winner. But is it always a home?

The terms of a “raffle” usually specify that if enough tickets are sold, the house will be awarded to the ticket holder. If not, organizers may offer a cash reward instead, which can be like getting socks for Christmas when asked for your PlayStation.

An example is a £2 million house that raised (only) £227,000. The seller paid £53,500. Instead of a cash prize. And another where a house was worth £650,000, but the winner received a (tiny…!) cash prize of £173,012.93. Still a prize, but not quite the same, and this Complained immediately to ASA..

Will it cost more than £2?

Winning a house for £2 sounds amazing, especially if you’re skinny. But it’s not all sunshine and rainbows. Here are some potential costs you need to consider:

  • Your current home: You’ll have bills to pay where you live, plus bills for your new gif! Double hit! This will continue until you can give up your current home and move to a new place, or sell the winnings. But, if the prize house is being sold by “raffle”, does that mean they’ve had trouble selling it normally in the past?
  • Maintenance and repair: Homes can come with hidden problems that need fixing, from leaky roofs to broken boilers. You don’t want to win a house and then discover it needs more work than your toddler’s latest art project.
  • Insurance: Home insurance is essential to protect your new asset, and it can be expensive depending on the location and condition of the property.
  • General expenses: Larger or older homes may have higher utility bills and maintenance costs. Imagine heating a mansion during a cold British winter!
  • Stamp Duty/Legal Fees: Depending on the value of the property, you may need to pay stamp duty, and solicitors’ fees to transfer ownership of the house, which can be a fair punishment!

Should you participate?

Yes, we never grew up gambling and rarely mentioned it, but these eye-catching gifts are becoming more and more popular.

Who wouldn’t want to trade a few bucks for a chance to win a house?

But before you get too excited, do your homework. Check out the reviews and testimonials. These giveaways are not regulated, but still check that the raffle is legally compliant and check the reputation of the organizers. While it’s possible to win a house through the raffle, it’s worth knowing what might happen.

Naomi WillisNaomi Willis
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