Would You Sell Your Home Via A Raffle?

30th September 2020 posted in Sellers

At Hunters Camberwell, we appreciate some people are keen to think outside of the box as often as they possibly can. In some industries, this is a common approach, and in other sectors, it can be useful when it comes to a one-off process.

Therefore, news that there is a property being raffled off close to Camberwell interests us, but we don’t recommend it as a move for would-be vendors in the area.

There are many risks associated with selling your home via raffle

We are as interested as everyone else is to see how it pans out, but it should be noted there are many challenges to overcome when attempting to raffle off a house. There are many legal issues, and if these aren’t resolved, you might end up in trouble. This could lead to severe financial penalties and other legal matters to deal with.

Also, with tickets costing £2 each, you can see why buyers are willing to get involved, but it means you have to sell a lot of tickets to make it worthwhile. There are also special offers for buyers purchasing in bulk, which will increase your chances of success.

This raffle is proceeding with a ticket sales target of 650,000. If this amount of tickets isn’t sold, the winner instead receives a 90% cash prize. For a £2 investment, that is still likely to be a massive prize; but it means many would-be buyers might decide against buying.

There are some bonuses on offer for buyers

At this ticket price and target, the property owner is looking to sell the home for £1.3m. The winner will also receive £3,000 towards council tax, and the raffle company being used for the sale state they will cover legal fees and stamp duty costs.

Of course, with the stamp duty holiday, there is an opportunity to save some money there!

The property owner said: “Following the birth of our beautiful daughter we realised we needed more bedrooms as we hope to have more children over the next few years. We love the area sandwiched between Brixton and Camberwell so decided to buy in 2015 and I’ve loved putting my heart and soul into designing the interiors and creating the home of my dreams. Now though, we want our family to grow and so need to sell but given events over the past few months we are worried that we might not be able to find a buyer. A number of people are raffling their homes, and Raffle House has just successfully awarded a property, so we thought we’d give it a go. And that we can do this while also supporting two incredible charities also played a big part in our decision to raffle our home.”

Benno Spencer, Raffle House CEO, said: “Lucy has done a great job of renovating the property so it’s no wonder we have already seen a large number of our existing customers purchase tickets. It is not only a tough time to sell a house in London but also to buy one with the economy sliding and people facing the possibility of pay cuts or worse, losing their jobs. Raffle House was founded on the premise of helping as many people get onto the property ladder as possible and we look forward to handing over the keys to this stunning home to our next winner.”

Anyone looking for a property valuation on their Camberwell home should get in touch. We believe the sales process starts with a realistic valuation, and we are more than happy to provide you with this service.

If you are looking for guidance or information regarding the housing market, please get in touch with Hunters Camberwell. As a local estate agent who has the support of a national network, we are ideally placed to provide you with all the help and guidance you need to make an informed decision, so please contact us today.