Should I Raffle My House?

Should I Raffle My House?

So you want to sell your house fast, but you're keen to avoid the stress and uncertainty of dealing with a local or online estate agent. That's understandable – selling with an estate agent typically takes as long as six months and costs a pretty penny.

You may have considered the alternative options, like going to auction or selling your property privately, but did you know that you could raffle your house and find a buyer that way?

What are House Raffles?

At a basic level, the concept of a house raffle is pretty much as simple as it sounds: interested buyers purchase raffle tickets and if their ticket is picked out, they have won the house.

Now this might sound quite unusual, and that's because it is. House raffles are exceptionally rare, and people only tend to resort to them if they have exhausted all over avenues and have had no luck finding a buyer. The types of houses that are raffled tend to be unique or expensive.

You're probably wondering how the owner of the house can possibly make any real money from a house raffle, and this, understandably, is one of the many complications. For example, if your house is worth £500,000, you would need to sell 100,000 raffle tickets at £5 to make enough money. In most circumstances, that's not exactly easy to do – but then again, there isn't much about selling a house that's easy.

Can I raffle my house in the UK?

House raffles in the UK are not illegal, but the process you have to go through to set one up is complicated. This is a form of gambling essentially, and as such, there are quite a few legal practicalities to consider. What's for certain is that you will need to hire a good solicitor to help guide you through the process and ensure you comply with all Gambling Commission regulations.

House Raffles: the Downsides

As we've already mentioned, house raffles are not a common occurrence in the UK or anywhere in the world, and it serves to reason that there are numerous downsides to this house sale method. Here are some of them:

  • There's a significant risk that the money you make won't be as high as your property's market value.
  • If you have a mortgage, you might wish to reconsider. Raffling a house with a mortgage poses the risk of falling into negative equity.
  • House raffles are something of a legal minefield, so you might end up spending a considerable amount on solicitors and legal fees.
  • The winner may still need to pay Stamp Duty Land Tax and will need to cover any expenses for repairs and maintenance. It's important to bear in mind that they will not have had the opportunity to have a survey completed, which is quite off-putting.

Alternative Options to House Raffles

Those who decide to raffle their house have likely done so because they have had no luck with other sale methods. Selling a house with an estate agent is notoriously long-winded and often ends up costing the homeowner a fair amount of money. Other methods, like selling a house privately or selling at auction have their own downsides. Still, raffling your house is likely to cause you the same amount, if not more stress and expense.

Selling your house fast to a cash property buyer is a guaranteed sale method that really does cut out stress and expenditure. Here at Zoom Property Buyer, we are happy to buy houses anywhere in the UK in any condition, and often, the whole process from that initial contact to completion takes just weeks.

Selling property with Zoom isn't a game of chance – it's a guaranteed way to sell your house fast! To find out more, give our friendly team a call on 0333 880 4362 or complete our online enquiry form today.

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By MikeL | February 18th, 2021 | | Leave a comment

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MikeL

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