29 March 2021, By Endeavour Lotteries
The Million-Dollar Question – Would You Sell If You Won A Prize Home?
4 min read
As tough as it may be to let go, for many Endeavour Foundation Prize Home winners, making the choice to sell is the best decision they’ve ever made.
Owning a million-dollar Prize Home to live in, or holiday in, is a dream come true for many lucky winners. But for some, the temptation and practical advantages of cashing in on their windfall is all too attractive.
And for good reason.
Just imagine what you could do with all that cash. The possibilities are literally endless.
Use it pay off your mortgage and live your best life with the leftover change. Invest it wisely and set yourself up for life. Help out family and friends doing it tough. Or use the money to buy your dream property that’s a little closer to home.
Whatever you decide to do with the proceeds of your sale, it will undoubtedly change your life, and potentially the lives of others.
When you look past the high-end furniture and designer accessories and swap your starry eyes for a more pragmatic view, Endeavour Foundation’s Sunshine Coast based Prize Homes well and truly stack up on the real estate front.
According to the latest Domain House Price Report, prices rose by a huge 5.1 percent on the Sunshine Coast in the December quarter of 2020, far outperforming Brisbane.
Thanks to the increase in remote working due to the COVID-19 pandemic, making a sea change to the Sunny Coast has never been more popular.
To add to this, Endeavour Prize Homes always boast sought-after locations – whether they be waterfront, close to the beach, or look out to killer views – which equates to big $$ when it comes time to sell.
Endeavour Foundation’s $1.3 million Tropical Paradise Prize Home, which backs onto picturesque bushland in the up-and-coming suburb of Palmview, is well-positioned to take advantage of the thriving Sunshine Coast market.
As reported by real estate comparison site, Open Agent, the suburb of Palmview had the highest increase in real estate listings on the Sunshine Coast in the last quarter of 2020 (when compared to the same period the previous year).
It’s that sort of seller confidence that might just tempt you to jump on board and make the decision to sell. That’s if you’re the lucky winner… and you can bring yourself to part with it.
What Do You Do If You Want to Sell Your Prize Home?
So, let’s say you get that life-changing phone call to let you know that you’ve won a million-dollar Prize Home. Once you’ve picked yourself up off the floor and gotten over the initial shock, would you make the decision to sell? If the answer is ‘yes’, how do you actually go about doing it?
Well, before you can add your new luxury listing to the market, your new home has to officially become yours.
As soon as you’re drawn as the winner, Endeavour Foundation will begin to organise a ‘Handover Day’ for you at the home. This is the exciting day you’ll receive the keys and sign the necessary paperwork to take possession of the home. From that moment on, you can move in, invite your friends over, have a housewarming party – the choice is yours!
But the one thing you can’t do is put it on the market…yet.
Just like when you purchase a house – you know, the old-fashioned way with your money or the bank’s – it can take up to twelve weeks (sometimes quicker) for the property to be officially transferred into your name once all the legal paperwork is signed.
It’s only then, when you’re listed as the owner on the title to the property, that you can actually sell the home to someone else.
While that may seem like a long time to wait, think of it like a ‘cooling off’ period of sorts – a chance to really consider all of your options and make sure that selling is the right decision for you.
And ultimately, the wait will well and truly be worth it.
Do You Need to Pay Capital Gains Tax If You Sell A Prize Home?
Luckily in Australia, we don’t have to pay tax on lottery winnings so you can sell your prize home completely tax free up to the value of the property on the day that you won it.
If you do manage to sell the home for more than it was valued at, you’ll need to pay capital gains tax on the difference. However, if you keep the home for more than a year, you may be able to cut the capital gains tax you need to pay by 50%. To fully understand all the ins and outs and any tax implications in your situation, it’s best to seek professional financial advice.
What Would You Do If You Won?
Live in, rent out or sell up? It’s the million-dollar question you’ll face if you are drawn as the winner of an Endeavour Foundation Prize Home. What would you do if you won?
The only way to truly make an informed decision is to do your research and check out the latest amazing Prize Home up for grabs. You’ll find directions and opening times here or if you just can’t wait, take a virtual tour now.