You could win a £3million six-bed home in Hampshire for £25 – if you answer just one question
The luxurious Hampshire home is being sold via a competition that costs £25 to enter - but there are a few things to look out for
A MULTI-MILLIONAIRE will hand over the keys to his £3million home to a lucky competition winner - but there are catches.
The competition costs £25 to enter which means if the stars aligned, you could become the new owner for the same price as nine Happy Meal's at McDonald's.
The huge open-plan home has its own cinema with a 65 inch screen, plus all six bedrooms are doubles and have their own en suite.
There's also an outdoor BBQ house and the River Avon flows at the end of the garden - which means you can kayak to the local pub.
And it's great for commuters who need to head into the city for work because it's only 80 miles away - or an hour's train journey.
The competition closes in four months time and you can enter it via .
The winner will also get to keep all of the fitted furniture inside the house, plus all Stamp Duty and solicitors costs up to £1,500 including VAT will be covered.
It sounds too good to be true. So, how does it work?
When property owners are struggling to sell a house they can open it up so people can win it in a competition - it's just another way of selling the home.
Even though the people who win the competition will effectively be buying a home for a ridiculously low price, the sellers won't be missing out on any of the money. This is down to the sale of the raffle tickets.
What are the risks of buying and selling properties in raffles?
IF selling your property the conventional way isn't working, then raising the funds via a raffle could be another option to explore. But it's not without its risks:
BUYING
- Make sure you're aware of any hidden costs - There are more fees to think about when you're buying house, not just the property value. Make sure you know what all of the added costs like Stamp Duty and solicitor's fees so that it's not a shock if you win.
- You're not guaranteed to win - Remember, just because you've entered the competition doesn't mean you're definitely going to win. Often you can enter it more than once meaning you'll be up against people who've enter multiple times, increasing their chances of winning.
- Are you prepared to move? - If you win the property, you'll need to take into consideration any moving fees.
SELLING
- Gambling rules - You might be able to make a profit on a house you were previously struggling to sell, you'll need to make sure you comply with gambling rules or you could face a fine. It's best to get legal advice but that will cost you too.
- Covering your mortgage - If ticket sales go well then you might make enough for a profit, but if you don't sell enough to cover your mortgage you could end up in negative equity.
Here, the number of tickets is limited to 250,000, and whilst that doesn't sound a lot, if all of the tickets sold then a total of £6,250,000 will have been raised.
That's more than the house is worth (£3million) plus solicitor's fees (up to £1,500). Even after that's all taken in to account, the sellers will have made a tidy profit of more than £3million.
But there are some catches that you should look out for.
The competition is only running for four months and you'll need to enter the correct answer to a quiz question.
You can enter up to 100 tickets (£2,500) but it will cost you £25 per entry.
And of course, if you get the answer wrong you won't be entitled to your money back.
Even though it's a mega bonus that the Stamp Duty costs will be covered, solicitors fees can be expensive.
The winner will have up to £1,500 of these fees covered, but make sure you're aware that you may have to fork out extra for the service.
It is a risk because if your ticket isn't selected then you won't win the property and you won't be able to get your money back either.
The closing date for the competition is July 31, 2018 at 11:59pm. The draw will take place within seven days of the closing date.
Plus, if there are less than 130,000 entries made, then winner will get a cash prize equal to 75 per cent of the amount received for entries.
Raffling off property is more common than you might think, especially as stagnating house prices mean that some homeowners are struggling to sell.
Marie Segar, 50, won an £845,000 country mansion after spending £2 in the raffle for it. She never moved in but rents it out for £1,500 a month instead.
There's another house for sale via a competition and it's worth £2.3million - and it costs £10.50 to enter.
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