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The Things You Need To Know About Home Raffles
By Rochel Sterle | June 25, 2009
Over the last couple of years, home raffles, like www.dreambigraffle.com, have really come on in a very big way. Home raffles have been offering a very exciting way for homeowners to acquire a new home and even win a sum of money bigtime. Non-profit organizations have been conducting home raffles not only for the benefit of their organization but for the homeowner and the ultimate winner as well.
Home raffles are donated by the homeowners to the non-profit organization. Some of them are simple homes and others are multimillion dollar homes that boast multiple bedrooms, scenic views and more. In fact, a potential homeowner can win a $4.3 Million home or a $2m cash prize, by joining home raffles at www.dreambigraffle.com. Whichever home is up for raffle, the benefits are still the same.
The way home raffles work is pretty straightforward, though requires big effort on the part of the non-profit organization. Here’s how the things go, the homeowner works with the non-profit organization in getting his or her home appraised appropriately. The non-profit organization will then put forth an effort to sell home raffle tickets. Once they got enough home raffle tickets sold, they buy the house outright, pay the debt owed and award the home to the winning ticket owner.
Here’s an important note to keep in mind. Home raffles is not a tax free event, there will be taxes owed by the new property owner. You should consult a qualified tax person if ever you win a home raffle and even before deciding to buy and take the title of the property.
Marketing costs, legal fees, and online websites are just some of the expenses that the nonprofit organization, like Neighborhood House of North Richmond, has to consider before putting a home up to raffle. Less these and the outstanding balance on the house that they need to cover, the money now belongs to the nonprofit to use with as part of their daily operations.
There are a lot of home raffles going on around the country every year. The cash prizes are $1 million or even $2 million in some instances, such as for www.dreambigraffle.com. Usually, winners opt for the cash prize so they can just have their taxes deducted from it.
People who joined the home raffle but didn’t win the big dream home, also have the chance to win smaller cash prizes. Isn’t that amazing? Some non-profit organizations, like www.dreambigraffle.com, offers additional cash prizes, giving people different chances to win something other than the grand prize.
The homes put into raffle vary in size and scope of prizes. The range could be from $200,000 up to $4 Million dollars or even more. Living in a $4 Million home is absolutely surreal. Personally, I find it very hard to upkeep. But who knows? If you have a $4 Million home, you’d have enough money to hire enough staff to keep your that dream big home clean and safe!
Topics: Fund Raising | No Comments »