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Ask the average lottery jackpot winner what
they intend to do with their fortune and you'll
most often find them expressing an interest
in buying a new home. But what kind of homes
do the newly wealthy tend to consider? Well,
according to statistics recently released by
Camelot:
- 91% of lottery winners move no more than
20 miles from their previous homes
- 91% of homes purchased by Lotto winners
are detached
- 48% of these homes have five or more bedrooms
- 65% of the winner's new homes are situated
in the countryside, but still within close
proximity of their pre-win homes.
On Tuesday, Phil Spencer, the presenter of
Channel 4 television programme Location, Location,
Location focused on helping Roger Griffiths
and his wife Lara find and buy their dream home.
The Griffiths, who won £1.8 million in
October 2005 by playing Lotto online, ended
up joining the 65% mentioned above by finding
a place just a few miles away from where they
lived before their win.
Phil Spencer's expert advice for other people
wanting to invest their lottery winnings in
property boils down to four major points:
1 - "Take your time. Carefully consider
what your property requirements are - your home
is your biggest asset and it is a very expensive
thing to get wrong, regardless of how much money
you have. Take a great deal of time to work
out your genuine needs before you begin your
search."
2 - "Think about the location of your
new property. It's very heartening to hear that
91 per cent of winners move within a 20 mile
radius of their old home. A move to an entirely
new area, into a new home and a new lifestyle
could be very unsettling, especially if you
are some distance from friends and family so
think carefully about where you begin your search."
3 - "Consider taking professional advice.
It is fair to say that because a house is such
a large purchase, you are unlikely to have experience
of buying in that price bracket. The housing
market is biased against the person spending
the money. Estate agents are not working for
you but for the seller so consider employing
the services of a home buying agent who can
represent you in your search and any negotiations
and advise you on any tax implications."
4 - "Lastly, do not be tempted to make
a statement or throw caution to the wind. Remember
how much space you really need and how much
you really want to spend. This is an incredibly
exciting time and it can be tempting to overspend.
But regardless of whether you have £1
million or £10 million, £100,000
is still a lot of money, so you still need to
be careful."
30 June 2006
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