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HGTV Dream Home

Did you see the special and are you entering to try to win it?

Answer Question

Asked by ceallaigh at 9:54 PM on Jan. 4, 2011 in Home & Garden

Level 24 (19,921 Credits)
Answers (7)
  • I remember years ago reading a story about a family that won one of the dream homes. They lived up north somewhere and the house was in Texas or something. They basically went bankrupt just trying to pay of the taxes for the house the first year. The dad couldn't quit his job to move to Texas and they had to live in the house a year before they were allowed to try and sell it. The town was demanding they pay up their property taxes plus the sales taxes for the house after they won. It was in the 10s of thousands I believe. They were basically screwed and were about to lose everything including their house up north where the dad was still living because they couldn't pay the taxes. It was crazy.
    Most people don't realize they are responsible for the hefty taxes on things they win (as much as if they were buying them).
    So, no, I would not enter to win their million dollar house.

    Answer by justanotherjen at 10:01 PM on Jan. 4, 2011

  • That's probably why the contest includes $500,000 cash. I'd keep it even though I don't live near it (it's in Stowe, Vermont) and hopefully rent it out when I wasn't there.

    Comment by ceallaigh (original poster) at 10:03 PM on Jan. 4, 2011

  • I have entered before, there are so many people that enter it is crazy. I also heard about the family that went bankrupt and it is a scary thought and you are right it is probably why they now offer a cash prize as well.

    Answer by cornflakegirl3 at 10:26 PM on Jan. 4, 2011

  • I have seen the house it is so beautiful but I am not going to enter the contest I like living in the state where I am at.

    Answer by Moms_Angels1960 at 6:24 AM on Jan. 5, 2011

  • The house is beautiful but I'm not trying to win it. I believe the couple mentioned above that went bankrupt as a result of winning a dream home and trying to do the upkeep were from Batavia, IL ... not too far from where I live, and it was a really big story around here during that time. No thanks.

    Answer by Anonymous at 9:52 AM on Jan. 5, 2011

  • I remember that story too! I never did understand why they didn't sell their Chicago home, or rent it out to offset the expenses of the Tyler home?!

    While the homes are certainly GORGEOUS, they are often located in really remote areas--at least areas where commuting to work (if you're lucky enough to be able to land a job near the home's location), or getting your children to school!

    The other thing I don't like is the winner is responsible for the VALUE of the home--which includes very expensive "designer" contents, along with the car(s) and the extra $500,000 cash--ALL of which is rolled into your "winnings" which you pay taxes on!!! So, while the same house empty might cost $500,000, with all of the "extras" you're paying taxes on over a million dollars worth of prizes.

    Would LOVE a Stowe house we LOVE to ski!! :o)

    Answer by LoriKeet at 7:57 PM on Jan. 5, 2011

  • You have to pay taxes on the money, too, just like winning the lottery so you end up not getting all that much. But it's better than getting a house you can't live in, can't afford and can't sell.

    Answer by justanotherjen at 7:57 PM on Jan. 5, 2011

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