Win My Dream Home - Cash Winner
Property Development Company, Misuma Limited, are offering the chance to win a newly renovated Victorian home in London. Valued at £2.1million, entries cost £11. At least 250,000 ticket sales are required.
Winner: Nicola from Islington (£65,706)
Launched: 24th June 2019 Closed: 31st December 2019
Platform: Win My Dream Home
Location: Kentish Town, NW5 2AR
House Value: £2100000
Ticket Price: £11.00
Tickets Sold: Unknown
The promoters of this competition claim they have what they believe to be "the most open and transparent property prize draw on the market". The prize is a recently renovated four bedroom freehold property in Kentish Town. It comprises a basement, raised ground floor, first floor and second floor. This second floor houses a master suite with dressing room and bathroom.
An open plan kitchen diner occupies the basement and this leads out to a deceked outdoor seating area. You can see the property in images on the website, however we couldn't find a description of fixtures, fittings, appliances or any other information about what's been done to the property. That said it does look amazing, but then it is valued at £2.1million.
Tickets for the competition cost £11 and this includes a £1 ticket admin fee. To enter you need to register and answer a multiple choice maths based question. Entries are limited to 100 per person and to UK residents only. Purchasers of more than one ticket are awarded the same number of bonus tickets. The promoter aim to sell a maximum of 400,000 tickets (£4million sales) but will award the property a minimum of 250,000 sold tickets (£2.5million sales).
60% Alternative Cash Prize
The competition is scheduled to end on 31st December 2019. We're told that the promoters have no intention of extending beyond this date. If the 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 a Children's 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 - £5000 pcm according to the website. Note that stamp duty will be paid up to £230k. This covers a winner if they already own a home for the additional tax that may fall due.
Open & Transparent
Win My Dream Home have at least learnt from recent competitions (Cadivus, Win A Mega Home) where small percentages of ticket sales went to winners and the bulk on "marketing costs". Most certainly 30% costs are more reasonable than the 75%+ that some other competitions have claimed. However we do think the target number of tickets is incredibly hopeful, especially as they are dedicated to closing the comp on 31st December.
The promoters have also told us that they will disclose "ticket sales after the competition has closed for a full transparent account of the prizes and donations". Given that trust and popularity of house raffles is pretty low it'll be interesting to see how this competition performs.
The competition ended on 31st December 2019. We don't believe enough tickets were sold and therefore a cash prize will be paid out. The website reports that the owners "will conduct the draw by the 10th January 2020, and will contact the winner and announce full details of the Prize and Donation shortly after that. We look forward to launching round 2 in March taking all the lessons we have learned to improve the competition".
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