The Omaze house draw seems to be more of a curse than a blessing, as winners often sell their grand prizes within weeks, and an expert has explained the reason behind this trend. Omaze, which raises funds for charities through prize draws, offers participants the chance to win lavish homes worth millions for a minimal entry fee. Winners are also given a sum of money to assist with maintenance costs.
However, the reality of living in such luxurious properties is not as idyllic as it seems, with many winners opting not to make these houses their permanent abodes. David Adams, who leads David Adams Luxury Property, points out that the staggering bills associated with these mansions can be overwhelming, even with the additional cash provided.
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Speaking to MailOnline, Mr Adams said: “The running cost of many of these properties can be £100,000 per year and with the cost of living these bills are rising.”, reports the Daily Star. The financial shock winners face can be considerable, he explained: “If you are used to living in a normal home where you pay a couple of hundred pounds a month in electricity, maybe a few thousand a year in council tax it comes as a huge shock when they receive the first bill for £20,000 or £30,000. It is completely unsustainable and at that point a lot of people will decide it’s not for them.”
Mr Adams also highlighted the extensive upkeep required for such estates: “Maintaining luxury properties is a massive industry. If it’s not your main house then you cannot leave it alone. Most homes will employ monitored security, they will run underfloor heating in winter and air conditioning in summer and systems will need servicing every year.”
In August, it was revealed that out of the 14 Omaze winners to date, only three still resided in the home they won. Another winner had chosen to rent their property out on AirBnB. June Smith, a widowed grandmother of six, reportedly visited the £4.5m waterside mansion she won in Cornwall just once before deciding to put it up for sale. She entered the competition with a mere £25 and received the home mortgage-free, with stamp duty and legal fees covered.
Despite her initial intention to keep the house within the family, Ms Smith eventually listed the property for £4.5m. She stated that the proceeds would be used to support her children and grandchildren. Uttam Parmar also decided to sell his prize. He entered the competition by paying just £25 and ended up owning a four-bedroom Cornish mansion with panoramic views, valued at an impressive £3m. He explained that he and his wife Raki, 53, couldn’t afford the maintenance costs.
Marilyn Pratt chose to sell the £2.9m house she won in Fulham just eight months later for £100,000 less. She and her husband David decided to remain in their two-bedroom house in south-east London where they have lived for 40 years.
A representative for Omaze revealed: “All Omaze Grand Prize winners receive £100,000 in cash to help them settle in and maintain their new property. Estimated costs for each house are available for entrants to view on the Omaze website. Winners can decide to either live in the house, rent it out for a supplementary income or sell it to become a cash multi-millionaire. They are free to put the house on the market and bank the cash as soon as they get the keys, it’s totally up to the winner what they want to do with their life changing prize. Omaze is delighted to have created 20 millionaires and also raised £25 million for good causes since launching in the UK.” See the latest Welsh homes as they come on the market, sign up to our newsletter here.