Prize draw that’s one of the most unusual ways to become a home owner

Fancy a brand new home for a quid? Forking out the princely sum of £1 might win you a house in the Black Country that’s valued at more than £300,000.

The prize draw to win the refurbished detached bungalow is running online until the end of February when the eventual winner will be chosen at random and claim the keys to their new home.

Developer Shabbir Ahmed is using RaffleMyHouse, a company set up specifically to raffle off homes, and the winning ticket for the house, valued at £315,000, will be chosen on February 8

As ways to get on the housing ladder go, buying a raffle ticket has to be one of the strangest.

But Mr Ahmed’s unconventional way of finding a buyer for his project isn’t the only off the wall way of becoming a home owner.

We take a look at some of the alternative routes to home ownership.

The Bank of Mum and Dad

Securing financial help from parents, family and friends is actually not very alternative at all these days. In fact, the Bank of Mum and Dad, dubbed Bomad, will lend an extraordinary £6 billion this year to first-time buyers and others trying to move up the housing ladder.

Pool your resources

As it becomes ever more difficult for younger people to buy their first property, many first-time buyers have started pooling their resources with friends to get the deposit together for their first property.

This can be a slightly more complicated process if more than two buyers are involved – you’ll need to look for a specialist mortgage lender willing to lend to three people. However, once you have your deposit together, it’s a lot easier to convince a lender to back you.

Rent to buy

Long-term tenants often find that their landlord is willing to talk about selling to them because of the relationship they’ve built up over the years of the tenancy. You still need to have a deposit and be able to secure a mortgage, but buying the place you’re already living in can save you money and time – and you won’t have to spend fruitless hours looking for a new home.

Housing associations offer rent-to-buy schemes, too, where you can buy a share of your home and pay rent on the rest, eventually owning the place outright.

Build your own home

Yes, you will need a plot of land. Yes, you will need a decent amount of cash. But building your own home doesn’t have to mean an outlandish Grand Designs or Amazing Spaces. Instead look at some of the prefabricated solutions that are out there – new eco versions are well-insulated and affordable. More importantly, you can get a mortgage on them, too.

Buy at auction

It all looks so simple on Homes Under The Hammer, but you need to know what you’re doing before you buy a property at auction. Usually these properties require refurbishment and that’s why they’re being sold for a lower price.

You’ll also need to have the cold hard cash to make the purchase because few lenders will be willing to take a risk on you and your renovation skills. Buying at auction is appealing if you’ve got the skills to do the work yourself and can get on the property ladder cheaply.

A helping hand from Best Value Conveyancing

However you do secure your first property, Best Value Conveyancing can take the headache out of finding a conveyancing solicitor or conveyancer. For a no-obligation quote, call our expert team now on 08000 387 007 or start your quote journey here.