Win My Dream Home 2 Review
Property Development Company, Misuma Limited, are running their second win a house competition. This time round you have the chance to win a flat in Kentish Town that's worth over £500,000. Tickets cost £5 and the promoters are aiming to sell 140,000 by the end of June 2021.
Launched: 20th May 2020 Closes: 30th June 2021
Platform: Win My Dream Home
Location: Kentish Town, NW5 4DR
House Value: £500000 (1 Bedrooms)
Ticket Price: £5.00 (Free Entry Available)
Minimum Ticket Target: 140000
Tickets Sold: Unknown
Cash Alternative: 60% of entry fees
Referral Scheme: Yes (£10,000 Reward)
For this competition, Win My Dream Home are offering a stunning flat. Details about the property are quite limited although the website does boast an attractive gallery. From there we can see a stylish kitchen/living area that leads on to an outside seating area. This looks perfect for entertaining or chilling out on a summer's evening. We don't believe the furnishings are included in the prize. Note that the property is leasehold and the winner will be granted a new 125 Year Leasehold on the flat by the freeholders.
Tickets for the competition cost £5. This is less than the previous competition - although the property is cheaper - and no admin fee is appended to the cost. Purchase more than one ticket and you can pick up bonus entries. For example £10 buys you 2 paid entries and two bonus entries. Spend £20 to get a total of 10 entries. To enter you need to register and answer a multiple choice question. Paid entries are subject to a limit of 500 per person.
The promoters need to sell a minimum of 140,000 tickets (£700,00) in order for the flat to be awarded. The competition will not close if this target is reached before the closing date. A maximum of 250,000 tickets (£1.25million) can be sold. A no purchase option is available should you wish to enter via post. Details can be found on the homepage of Win My Dream Home. It should be noted that free entries do not count towards the minimum number of paid tickets required. In addition no donation is given to charity.
10% To Great Ormond Street Hospital
The competition is scheduled to end on 30th June 2021 (extended from 31st December). The terms do allow an extra six months and the promoters have exercised this early. This will be the only extension. If the minimum ticket target is not achieved then a cash prize a cash prize equal to 60% of the total entry fees will be awarded. Additionally 10% of ticket sales will be donated to the Great Ormond Street Hospital Charity. The remaining fees will - we expect - go towards admin costs, taxes and marketing.
Potential winners have three options - move in, sell or rent the property. The winner will have stamp duty and legal fees paid although there's no indication of running costs, council tax etc. Win My Dream Home do provide some information on the potential rentability of the property - £1500 pcm according to the website. Note that stamp duty will be paid up to £30k. This covers a winner if they already own a home for the additional tax that may fall due. As well as the property prize Win My Dream Home are offering a £10,000 and £5000 second and third prize. £1000 is also being offered for a refer a friend competition. It's unclear if these will be awarded if the property is not awarded.
Open & Transparent
The latest trend for win a house competitions is to run a second promotion. Win A Country Home and Raffle House have already set off on this path and Win My Dream Home are following suit. What we like about the latter is that they are incredibly open and transparent. The key now is turn that into a property prize winner. The lower ticket price should be more attractive to entrants as should the support for the Great Ormond Street Hospital Charity.
Disclaimer: Details shown above were correct at time of writing and are provided for information purposes only. Images are used under fair use policy. Map location is approximated by Google based on postcode/location info. Any links provided are not an endorsement from Loquax. In some cases Loquax may earn a referral fee from sales this does not effect our review. We strongly advise all visitors do due diligence on each contest before deciding to enter. Terms and conditions apply. Begambleaware.org.
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