Omaze, win a house??
Discussion
The Gauge said:
The council tax alone would make these houses unaffordable for someone to win and own it as a second house. Moving into it would mean having to unstick to another area of the country and having to change jobs. Unless retired and can afford the upkeep of these expensive houses, then surely all you could realistically do is sell it? But even then some of the houses have previously been on the market for years without getting sold, hence why they appear on these raffle sites. You'd end up being burdened by a £2m property that won't sell.
Everything sells at the right price. If the house is a competition win then any price realised is a another win.Lovely house. I wonder how much you could rent it out for during golf tournaments as that could potentially cover a huge chunk of the running costs. Could possibly even just Airbnb the annex all year to golf fans.
My work in Edinburgh is probably just about commutable a couple of days a week but the running costs are easily as much as my current mortgage so probably not practical to live there full time.
My work in Edinburgh is probably just about commutable a couple of days a week but the running costs are easily as much as my current mortgage so probably not practical to live there full time.
The blog lists over £1k a month average in fees for the gated community.
They wrote about £3,200+ an average month, so circa £40k a year before you have eaten anything, driven anything etc.
Plus an extra £1k a month to include gardeners etc. So £50k a year. So that £100k prize money won’t last long.
They wrote about £3,200+ an average month, so circa £40k a year before you have eaten anything, driven anything etc.
Plus an extra £1k a month to include gardeners etc. So £50k a year. So that £100k prize money won’t last long.
BlueMR2 said:
The blog lists over £1k a month average in fees for the gated community.
They wrote about £3,200+ an average month, so circa £40k a year before you have eaten anything, driven anything etc.
Plus an extra £1k a month to include gardeners etc. So £50k a year. So that £100k prize money won’t last long.
That's interesting. On one of the old property listing it said no monthly charges but you would have thought there are given it's location. Isn't the street essentially part of the Gleneagles Estate?They wrote about £3,200+ an average month, so circa £40k a year before you have eaten anything, driven anything etc.
Plus an extra £1k a month to include gardeners etc. So £50k a year. So that £100k prize money won’t last long.
Do you have a link to the blog? I'm in full on dreaming mode this Friday afternoon
BlueMR2 said:
The blog lists over £1k a month average in fees for the gated community.
They wrote about £3,200+ an average month, so circa £40k a year before you have eaten anything, driven anything etc.
Plus an extra £1k a month to include gardeners etc. So £50k a year. So that £100k prize money won’t last long.
So it's an actual proper white elephant for the majority of people. They wrote about £3,200+ an average month, so circa £40k a year before you have eaten anything, driven anything etc.
Plus an extra £1k a month to include gardeners etc. So £50k a year. So that £100k prize money won’t last long.
If you won it to sell it straight on it won't be a fast sale. Even if you put it on the market for £3m or £2.5m well under it's valuation to get a fast sale it won't be quick.
Best thing is to rent it out to a well heeled professional golfer or on a tournament by tournament temporary basis, there were 21 tournaments held at Gleneagles this year, not all of them big though. Enough to make enough to pay for it, plus a little bit of profit whilst using it for family Christmas. With a word out privately that you would sell for the right price.
Best thing is to rent it out to a well heeled professional golfer or on a tournament by tournament temporary basis, there were 21 tournaments held at Gleneagles this year, not all of them big though. Enough to make enough to pay for it, plus a little bit of profit whilst using it for family Christmas. With a word out privately that you would sell for the right price.
guffhoover said:
BlueMR2 said:
The blog lists over £1k a month average in fees for the gated community.
They wrote about £3,200+ an average month, so circa £40k a year before you have eaten anything, driven anything etc.
Plus an extra £1k a month to include gardeners etc. So £50k a year. So that £100k prize money won’t last long.
That's interesting. On one of the old property listing it said no monthly charges but you would have thought there are given it's location. Isn't the street essentially part of the Gleneagles Estate?They wrote about £3,200+ an average month, so circa £40k a year before you have eaten anything, driven anything etc.
Plus an extra £1k a month to include gardeners etc. So £50k a year. So that £100k prize money won’t last long.
Do you have a link to the blog? I'm in full on dreaming mode this Friday afternoon
https://www.onthemarket.com/details/13173127/
It says no service charge, but if you read to the very bottom of the massively long hidden info, it says circa £4,300 a year, however the blog shows payments to 3 separate things over £1k a month.
Portofino said:
The Gauge said:
The council tax alone would make these houses unaffordable for someone to win and own it as a second house. Moving into it would mean having to unstick to another area of the country and having to change jobs. Unless retired and can afford the upkeep of these expensive houses, then surely all you could realistically do is sell it? But even then some of the houses have previously been on the market for years without getting sold, hence why they appear on these raffle sites. You'd end up being burdened by a £2m property that won't sell.
Everything sells at the right price. If the house is a competition win then any price realised is a another win.Edited by The Gauge on Friday 22 September 17:48
I think some of these houses would be a noose around your neck if you win one, what with hidden gated fees, management fees and then council tax etc. I couldn’t even afford to pay them during the time it took to sell. I think folk need to think about why the house is needing to appear on Omaze before buying a ticket.
If something appears too good to be true…etc
If something appears too good to be true…etc
I think it’s a ‘problem’ 99.9% of people would be happy to take on.
For most it’s a £10 ticket for which one way or another you’ll end up a millionaire.
The cash prize alone would cover the costs for a few years, renting it out or Airbnb-ing it would too, with cash to spare. The house will sell as fast as you want it to as long as it is priced correctly, and you’ll still end up a millionaire if you price it to sell immediately.
All for a tenner. If any of you win and don’t want the burden then let me know!
For most it’s a £10 ticket for which one way or another you’ll end up a millionaire.
The cash prize alone would cover the costs for a few years, renting it out or Airbnb-ing it would too, with cash to spare. The house will sell as fast as you want it to as long as it is priced correctly, and you’ll still end up a millionaire if you price it to sell immediately.
All for a tenner. If any of you win and don’t want the burden then let me know!
I agree... I'm a tad cynical. Especially with what looks like a pretty standard house in Central London.
Winning isn't a problem, you can sell it for a price and be quids in, but it could be there's some issue that might make it a bit tricky to sell on the open market at what otherwise would be the 'market' price.
Or perhaps Omaze identify attractive houses they think will drum up interest and make an attractive offer given their no chain/strings/cash situation.
Winning isn't a problem, you can sell it for a price and be quids in, but it could be there's some issue that might make it a bit tricky to sell on the open market at what otherwise would be the 'market' price.
Or perhaps Omaze identify attractive houses they think will drum up interest and make an attractive offer given their no chain/strings/cash situation.
I’ve definitely had a few debates with the Mrs about what we’d do if we won one, so it would be by no means stress free, but not in a bad way, as long as you’re not particularly naive or stressed out very easily.
My immediate instinct would be for the most part to avoid selling, because you’d have agent fees, then stamp duty if you want to buy another place a bit smaller, plus the second property tax if you want to keep your existing place. So keep it for the long term as an investment, rent it out and then just have it as an appreciating asset. That might be easier said than done though when it comes down to it.
My immediate instinct would be for the most part to avoid selling, because you’d have agent fees, then stamp duty if you want to buy another place a bit smaller, plus the second property tax if you want to keep your existing place. So keep it for the long term as an investment, rent it out and then just have it as an appreciating asset. That might be easier said than done though when it comes down to it.
Doesn't really have the wow factor for me but it would be a nice to have pad for the odd weekend in London. Will probably throw a tenner in.
25 Ovington Street.
https://www.google.com/maps/place/25+Ovington+St,+...
Last on the market in Feb and Zoopla has it at an estimated £3.5M rather than the £5M stated by Omaze. Either way, a millionaire's weekend bolt hole in the old smoke.
25 Ovington Street.
https://www.google.com/maps/place/25+Ovington+St,+...
Last on the market in Feb and Zoopla has it at an estimated £3.5M rather than the £5M stated by Omaze. Either way, a millionaire's weekend bolt hole in the old smoke.
guffhoover said:
One of the rare times where there's no sub-basement building work going on and one of the houses yet to have it done.guffhoover said:
Doesn't really have the wow factor for me but it would be a nice to have pad for the odd weekend in London. Will probably throw a tenner in.
25 Ovington Street.
https://www.google.com/maps/place/25+Ovington+St,+...
Last on the market in Feb and Zoopla has it at an estimated £3.5M rather than the £5M stated by Omaze. Either way, a millionaire's weekend bolt hole in the old smoke.
Looks like it was in quite a state when it was last sold for £3m in late 2018/early 2019, so the Zoopla valuation of 3.5m will just be based on its value change from then, without taking into account the extensive renovation to it since. That said, it depends if you value those improvements at 1.5m.25 Ovington Street.
https://www.google.com/maps/place/25+Ovington+St,+...
Last on the market in Feb and Zoopla has it at an estimated £3.5M rather than the £5M stated by Omaze. Either way, a millionaire's weekend bolt hole in the old smoke.
It sold instantly at £3m as a fixer upper though, so I can’t imagine £5m 5 years later is beyond the realms of possibility.
Edited by Berger 3rd on Friday 20th October 15:06
Berger 3rd said:
guffhoover said:
Doesn't really have the wow factor for me but it would be a nice to have pad for the odd weekend in London. Will probably throw a tenner in.
25 Ovington Street.
https://www.google.com/maps/place/25+Ovington+St,+...
Last on the market in Feb and Zoopla has it at an estimated £3.5M rather than the £5M stated by Omaze. Either way, a millionaire's weekend bolt hole in the old smoke.
Looks like it was in quite a state when it was last sold for £3m in late 2018/early 2019, so the Zoopla valuation of 3.5m will just be based on its value change from then, without taking into account the extensive renovation to it since. That said, it depends if you value those improvements at 1.5m.25 Ovington Street.
https://www.google.com/maps/place/25+Ovington+St,+...
Last on the market in Feb and Zoopla has it at an estimated £3.5M rather than the £5M stated by Omaze. Either way, a millionaire's weekend bolt hole in the old smoke.
It sold instantly at £3m as a fixer upper though, so I can’t imagine £5m 5 years later is beyond the realms of possibility.
Edited by Berger 3rd on Friday 20th October 15:06
A decent refurb isn't cheap.
Berger 3rd said:
I think it’s a ‘problem’ 99.9% of people would be happy to take on.
For most it’s a £10 ticket for which one way or another you’ll end up a millionaire.
The cash prize alone would cover the costs for a few years, renting it out or Airbnb-ing it would too, with cash to spare. The house will sell as fast as you want it to as long as it is priced correctly, and you’ll still end up a millionaire if you price it to sell immediately.
All for a tenner. If any of you win and don’t want the burden then let me know!
All very true, however when you are immediately hit with £1k+ of bills for council tax & management fees etc and you don't have £1k to pay them, then it suddenly becomes a problem. Even if you managed to sell it fairly quickly it could still take 3 months and in the meantime you'd be receiving the same bills for month 2, and then month 3 before it sold. Yes, stick the bills on your credit card, however there will be plenty of people who simply don't or can't have credit cards but who yet are drawn to the prize like a council dweller to a vape, without thinking of the consequences.For most it’s a £10 ticket for which one way or another you’ll end up a millionaire.
The cash prize alone would cover the costs for a few years, renting it out or Airbnb-ing it would too, with cash to spare. The house will sell as fast as you want it to as long as it is priced correctly, and you’ll still end up a millionaire if you price it to sell immediately.
All for a tenner. If any of you win and don’t want the burden then let me know!
"Chantelle, we've won a house"
"No way Kieran"
"I swear down on'babys life, lets crack open that bottle of Lambrini we've been saving for a special day, and tell your Trevor we will be buying his Vauxhall Zafira after all"
Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff