House Raffles for Charity: How to Know What Your Ticket Buys

Want to win a house and do good at the same time? To raise money for I Am Now, a North Carolina-based nonprofit agency that helps homeless youth get back on their feet, local housing guru and I Am Now board member Tim Taylor will raffle off his Davidson County home with proceeds benefiting the charity.

It's one of several home raffles that charities have been using in recent years to raise funds.The goal in this case, Taylor said in an interview, is to raise enough capital to buy I Am Now a home of its own, one that will house transitional youth coming out of the foster care program who are struggling to get on their feet. To do that, Taylor plans to donate his own home -- a $450,000, 6,000-square-foot spread he built himself -- to whomever holds the winning $100 ticket. While the winner will get the home mortgage-free, they would still be required to pay taxes on the property.

Drawings for a $10,000 and $5,000 cash prize will also be held.

Before buying a ticket in a home raffle -- even for a good cause -- it's important for potential owners to know all the particulars though.