A £2 raffle to win a manor house? 5 novel ways to sell property
Selling your home can be a frustrating experience, especially if the market moves slowly in your area – but some homeowners are exploring new ways of attracting buyers.
Described by some as ‘extreme house selling’, non-traditional property sales are becoming more diverse – but they might not be right for everyone.
Here are five of the most unusual ways of selling your home.
1. Using a spot the ball competition A home worth £3.5m on the banks of the Thames in Berkshire could be yours for just £25 – if you’ve got a keen eye, that is.
Sellers Helen and Gary Weller have struggled to sell their self-built home using traditional methods, so have now offered it up to the general public through a ‘spot the ball’ competition.
Interested buyers need to pay £25 to enter and pinpoint the centre of a missing football on a photo – with the closest guess winning the prize.
The lucky winner will be awarded the house if a minimum of 200,000 tickets were sold. Otherwise, the winner will be given 75% of the takings from the competition.
The couple estimate that the new owner will need to foot a bill of around £500 per month for council tax and utilities.
2. Taking payment by bitcoin If you happen to have 5,050 bitcoin lying around, you could get your hands on a mansion in Notting Hill, West London.
For those unfamiliar with cryptocurrency, this translates to a staggering £17m at the current conversion rate.
Property investment company London Wall is offering up the sale – which is believed to be the first to be made available for a cryptocurrency-only purchase.
Seller Leg Loginov claims bitcoin is the future of property sales, as it is ‘quicker, more efficient and much easier to deal with than using banks’.
Should you be wish to pay via virtual currency, you’ll still need to factor in a bill of a little under £2m for stamp duty.
3. Conducting a raffle In August, Marie Segar from Warrington won a manor house worth £845,000 after spending £20 on raffle tickets.
The seller of the property aimed to raise £1m through raffle tickets priced at £2 each, eventually raising £998,000.
The raffle trend is picking up pace around the UK, with another property in Glasgow currently being sold off for £5 a pop.
While on paper this might sound appealing, some sellers have fallen foul of strict gambling regulations when trying to raffle their homes.
As well as the various regulatory requirements, it’s also important to be aware that selling by raffle can be highly time consuming – and you’ll need to ensure you can sell enough tickets to cover your costs, including any outstanding mortgage!
4. Getting a professional makeover While it’s not as extreme as selling your property through a competition, could a professional makeover make all the difference when it comes to shifting your home?
Earlier this week, London homeowners Lucy and Anthony Hamer-Hodges received an offer on their maisonette after a £1,000 makeover by the estate agent Housesimple.
After failing to sell their property on the high street, the 12-hour professional makeover service resulted in the home receiving an offer after 32 days.
5. Deploying virtual reality As well as more ‘gimmicky’ sale methods, digital property marketing is a growing trend – especially when it comes to house viewings.
Rather than scrolling through images on their favourite property portal or estate agency website, buyers can now view houses in 360 degrees using virtual reality tools.
If that’s not enough, one seller recently even conducted their viewings via a Facebook Live Stream. As a result of the broadcast, three offers were received and a sale was agreed after 12 days.
Advice on selling your home
Getting your home ready to go on the market can be a time consuming business, but good preparation can spare you heartache further down the line.
With this in mind, it’s best to take your time and adopt a step-by-step approach to selling your home.
While you can find full details in our guide on how to sell your house – these simple tips can help you on your way.
Prepare your home and get valuations – Make your property as attractive as possible to potential buyers. Get valuations from agents and consider a house survey.
Find an agent – Pick the right agent to sell your home using our guide to finding the best estate agent.
Choose a conveyancer – Conveyancing might not be exciting, but you’ll need to find a reliable solicitor to deal with the nuts and bolts of the process.
Find the right buyer – If you’re lucky enough to have several buyers bidding, consider who is likely to be the safest bet, taking into account time-frames and property chains.
Keep on top of the key dates – Established preferred exchange and completion dates early on can avoid arguments later in the process.
Mortgage Advice in Beverley – http://beverleymoneyman.com