Buying a House is a Lottery
20/01/2009 20:45:40
Now we all know that in the present financial climate that buying a house is a lottery, market prices are falling and a house could end up worth less than you paid. However for 9,999 Austrians buying a house really was a lottery as one homeowner raffled off her home in a lottery style draw, the first of it's kind known in the country.
I guess it’s a solution to not being able to get market value for your home. Traude Daniel sold 9,999 at €99 a ticket in Austria’s first real estate sale by lottery and one lucky Austrian gentleman won the home on Tuesday.
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The home, a 400 square metre villa in Klagenfurt, Southern Austria had become too big for the owner but she had been unable to get the asking price, something most of us know something about right now. So she sold the lottery-style tickets, covering the value of the home at €99 each.
That means that one lucky person won a home for €99 while the owner happily got her market value for the house.
Officials say the practice is totally legal and in tough times ahead we could see more of these sort of lottery house sales and maybe even see them here in the UK. Real estate agents have expressed concern, not least no doubt because it effectively does them out of a job.
So if you dream of a new home and cannot afford it maybe this is an option for you, alternatively play the Euromillions Lottery this Friday evening, the tickets are cheaper and you could walk away with €13 million jackpot. Austria is one of the nine countries participating in the Europe-wide lottery and then you could buy several houses!
Page Last Updated: 05/10/2011 14:59:19
