Congratulations , you’ve just won a million dollar dream home! When are you selling?
At various times and locations across Canada, organizations hold lotteries in order to raise money for their causes. Often the prize is a brand new luxury dream home worth hundreds of thousands, even millions of dollars.
Wow, fantastic you say. But then almost as quickly the winners, put the houses up for sale, and almost always sell at prices far below the value.
Why? The price of owning the free luxury house can be beyond most winners means.
Insurance can cost hundreds of dollars a month, municipal property taxes on such expensive homes are hundreds more a month, provincial property taxes are hundreds more on top of that, and then heating these large houses can be a huge bill on top of everything else.
Many winners of these luxury houses say the organizers should offer a cash prize option, but organizers are reluctant saying the luxury homes catch people’s imaginations, media attention, and are much more compelling than a cash prize. Only a few of the lotteries offer an alternative cash prize.
However, winners of the dream homes say the fact that most of these prizes usually sell well below market value, does not really dampen their enthusiasm as they still come out hundreds of thousands of dollars ahead.
Additional information- sources
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