FIRST-time buyers could become the owners of a £500,000 two-bed London flat with just a £10 raffle ticket.
And the competition guarantees a winner even if it doesn't meets its target ticket sales, increasing your chances of scooping the top prize.
Raffling off homes has become a popular alternative to the traditional ways of selling property, particularly witht those struggling with a stalling market – but they don't come without their risks.
Normally in these kind of competitions, there's a minimum number of tickets they're required to sell for the sale to actually go ahead.
For example, the winner of a Brixton flat marketed by the same company, Raffle House, last year ended up taking home a £173,000 cheque instead of the keys to their new home after selling only a portion of the 150,000 tickets.
Its adverts for the competition were also banned by the Advertising Authority Agency after failing to include a closing date.
What are the home raffle catches to watch out for?
MANY of the people who choose to raffle off their home may have had difficulties selling it on the open market so it's important to look into the details of the property on offer.
- If your questions about the property on offer aren't answered by the competition's website you should contact the organiser to find out more.
- Check whether the property is freehold or leasehold. If leasehold, check how long is left on the lease and how much it might cost to renew.
- Find out whether there is a service charge, ground rent or other ongoing expenses.
- Some of the most impressive properties like castles and manor houses can have huge running costs that you might not be able to afford.
- Have a look at the selling price of other homes nearby on websites like Zoopla and Rightmove to make sure that the valuation promoted in the competition is realistic.
- Find out whether your legal fees will be covered as part of the prize.
- You shouldn't be required to pay stamp duty if you win as the purchase price of the property is effectively just the cost of an entry ticket or nothing if you used the free route.
But this time around, they've promised that the winner of the prize drawer will scoop the house, regardless of whether they meet the 60,000 target.
The company has also promised not to extend the competition beyond the July 31 deadline, although it may bring it forward if it meets its target ticket sale sooner.
The newly renovated flat in zone 2 Whitechapel, East London, has two large double bedrooms and a spacious open-plan kitchen and living room.
The winner won't have to fork out for stamp duty or legal fees either as they're being covered by Raffle House, which will also through in £3,000 to go towards council tax and bills in your first year of home ownership.
The property has been valued by Kings Group estate and lettings agents, which reckons the flat will bring in a monthly rental income of £2,100 if the winner were to rent it out.
Of course, your odds on winning depends on how many tickets are sold. For example, if the raffle reaches its target and you buy one ticket then you've only got one in 60,000 chance of scooping the top prize.
They cost £10 each although the company is also giving away free entries if you buy multiple tickets.
For example, if you buy two tickets then you'll get two free, four free ones if you pay for three, seven freebies for five paid-for tickets and 15 free if you buy 10.
Each entry works out cheaper, the more that you buy. For example, you'll need to pay £20 for two tickets but with the freebies, it works out at £5 an entry.
Ten tickets will set you back £100 but when you take into account the 15 free ones then it works out at £4 an entry.
But even though you'll be increasing your chances of winning by buying more, remember that you won't get your money back if you lose.
The competition is a form of gambling, and Raffle House has partnered with Sterling Lotteries which is licenced and regulated by the Gambling Commission.
You'll need to be over 18 to take part and it's open to first-time buyers and homeowners alike.
To enter, you'll need to buy your tickets before the summer deadline via the Raffle House website.
You'll also need to answer a multiple choice question on world population within 30 seconds – you get two shots at answering it correctly in a 24 hour period.
Only if you get it right will you get to proceed to the payment section.
An office worker who picked up a £845,000 country mansion for just £2 in a raffle competition is now renting out the property.
But not every winner is as successful – Carina Alcock, from Dorset, "won" a £3m mega-house in a raffle but only got £110,000 after the millionaire couple behind it decided to keep their home and pocketed £500,000.
In 2017, Dunstan Low raised almost £1million raffling his six-bedroom Lancashire manor house worth £845,000.
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