Win Your Own Italian House Review
A 5 bedroomed beautiful home in Bugnara, L’Aquila, Italy is being offered as the prize in this house contest. It's not cheap to enter as the ticket price is 50 Euros. However the number of tickets required to be sold is considerably less than most home competitions.
Launched: 1st September 2020 Closes: 1st September 2021
Location: Bugnara, Italy,
House Value: £200000 (4 Bedrooms)
Ticket Price: £45.00
Minimum Ticket Target: 6500
Tickets Sold: Unknown
Cash Alternative: Unknown
The theme of overseas properties continues with this home in Italy. It's being offered by a New Zealand based who has owned the property for the last 10 years. The location is given as Bugnara, L’Aquila and the owner has provided some useful information within the 'Questions and Answers' section of the website. For example Pescara airport is 50 minutes and that the property has good rental potential. They also suggest running costs of 1000 Euros a year. The valuation is our estimate.
How To Enter The Competition
The owner has provided quite an extensive gallery plus videos of the property. It has five bedrooms and bathrooms spread over three floors. Over the years it has been renovated and the owner describes it as being "in good shape". Note that the property will not come fully furnished as the owner will be taking their posessions with them. In terms of 'selling' the property to the winner the details are included on the website. The winner will need a Codice Fiscale and may need a Power of Attorney appointed if they can't attend the notary.
Entry to the draw is simply via filling in a form and then making a payment. Up to this point we've been impressed with the detail of Win Your Own Italian House but here's the first sticking point. Payment is via a direct deposit or PayPal. The former is fine but the latter does not usually allow it's service to be used for raffles. This can result in Paypal closing accounts without notice and causing issues for the competition. We would be a lot happier if this competition didn't use Paypal.
6500 Tickets To Be Sold
The owner aims to sell 6500 tickets (total revenue £288,000ish) within one year of the competition launching. So by September 2021 sufficient tickets need to be sold. If they're not then a further six months can be added to the closing date. Whilst the owner has covered a lot of detail with their competition they haven't - from what we can see - covered what happens if not enough tickets are sold after 18 months. Also "all entries to the competition are final and no refunds shall be made at any time". So what happens if Paypal pulls their service from the competition?
We're impressed with the detail, images and effort that's gone into putting this competition together but it's let down by two big issues. Paypal is one and the lack of detail regarding insufficent ticket sales the other. The ticket price will put off a lot of entrants too. We think most potential entrants will hold off purchasing until nearer the closing date and once they know there's a good chance of completion - after all £45/50 Euros is a lot to punt on a competition that may last 18 months.
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.
Footnote: Note that since Brexit UK citizens can only spend 90 days out of every 180 in the EU. If you win and rent out the property then you may also have to pay tax.
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