The prize's hefty tax burden means most winners opt not to keep their new home. In 1997, HGTV’s very first Dream Home, a charming log house crafted of Nordic pine and overlooking the Grand Tetons in Jackson Hole, Wyoming, launched a series of fantasy abodes, each just a little more impressive than the last.
Full Answer
What is the value of the HGTV Dream Home 2019?
The 2019 winner, Beverly Fulkerson of Osgood, Ind., won a 3,650-square-foot Montana mountain retreat. Finally, last year’s HGTV Dream Home winner took home a 3,500-square-foot house valued at more than $2 million in Pittsburgh, Pa.
Does HGTV give away houses?
However, HGTV and its parent company, the Scripps Network, gives away several homes each year, many of which are more affordable. For more information, see Why Doesn't HGTV Give Away a More Affordable Dream Home?
How many dream house winners actually live in their homes?
According to HGTV, only one of the first 10 Dream House winners has been able to hang on to their winnings. Just six of the first 21 winners actually lived in their new digs for more than a year.
What happens if you win the dream home sweepstakes?
“The outcome depends on the individual winner but the overarching theme is that, if you win, it’s life-changing.” Dream Home sweeps are typically open to entries for a period of seven weeks during which contestants can enter for a chance to win twice daily.
Can you sell the HGTV Dream Home if you win?
If the winner chooses this option, they receive the associated prizes like the vehicles, cash, and furnishings, but HGTV retains the rights to the house. Usually, they sell the home to a private bidder.
Do winners of HGTV Dream Home keep them?
And, it seems the winners don't even get to enjoy their dream digs for very long. Country Living reported that by 2018, with over 20 HGTV Dream Home winners crowned, only 28% of the winners actually lived in the home for over a year.
How many winners have kept the HGTV Dream Home?
They are also responsible for federal income taxes ( which can be around $700,000 ), state income taxes, property taxes, and maintenance. As of January 2021 , only six of the first twenty-one sweepstakes winners were able to live in their Dream Home for longer than a year.
What do you have to pay if you win the HGTV Dream Home?
All federal, state, and local taxes on the Grand Prize are Grand Prize Winner's responsibility. The Grand Prize Winner will be issued a 1099 tax form for the actual value of the Grand Prize.
What happens when you win a house?
If you win a house in a contest, you'll have to pay federal income tax on its value. Also, depending on your state, you may have to pay state income tax on any house you happen to win in a contest. Under Internal Revenue Service (IRS) rules, any prizes won in contests are taxable at the marginal tax rate.
Who is the winner of the 2022 HGTV Dream Home?
Meet the lucky winner of HGTV Smart Home 2022 in Wilmington, NC. Congratulations to Leah Nadorff of Columbia, South Carolina; she is the winner of the HGTV® Smart Home 2022 sweepstakes, a grand prize package valued at over $1.2 million dollars. "It's a whirlwind. Totally surreal.
How much is the 2022 HGTV Dream Home Worth?
$2.4 millionA huge congratulations to Karey Wolstenholm of Overland Park, KS! She is the winner of the HGTV® Dream Home 2022 sweepstakes, a grand prize package valued at over $2.4 million.
Who pays for the renovations on instant dream home?
While the homeowner ultimately pays for the renovations, it's likely helpful to not have to come up with the cash before the improvements are made. If you're a homeowner who enjoys reality TV renovation shows, you've probably envisioned what it would be like to appear on one yourself.
Where is the 2022 HGTV Dream Home located?
Warren, VermontDiscover HGTV® Dream Home 2022, luxurious modern mountain cabin located in Warren, Vermont.
Where is the 2023 HGTV Dream Home located?
Morrison, CO.Discover HGTV® Dream Home 2023, a luxurious mountain escape located in Morrison, CO.
Do they keep the furniture on 100 day dream home?
But here's the kicker: More often than not, the homes are staged, meaning the homeowners don't get to keep the furniture and decor that's shown on TV. “Most if not all of our flipping shows are staged,” Betsy admits, noting that, depending on the client, sometimes the renovation will include some of the furniture.
How many acres is the HGTV Dream Home 2022 on?
12-acreOn a 12-acre lot in Warren is a newly constructed home built for HGTV's HGTV Dream Home 2022. Earlier this month HGTV unveiled the newly-built, fully-furnished HGTV Dream Home 2022 in Warren.
Who pays for the renovations on instant dream home?
While the homeowner ultimately pays for the renovations, it's likely helpful to not have to come up with the cash before the improvements are made. If you're a homeowner who enjoys reality TV renovation shows, you've probably envisioned what it would be like to appear on one yourself.
Do they keep the furniture on 100 day dream home?
But here's the kicker: More often than not, the homes are staged, meaning the homeowners don't get to keep the furniture and decor that's shown on TV. “Most if not all of our flipping shows are staged,” Betsy admits, noting that, depending on the client, sometimes the renovation will include some of the furniture.
Where is the 2022 HGTV Dream Home located?
Warren, VermontDiscover HGTV® Dream Home 2022, luxurious modern mountain cabin located in Warren, Vermont.
Where is the 2023 HGTV Dream Home located?
Morrison, CO.Discover HGTV® Dream Home 2023, a luxurious mountain escape located in Morrison, CO.
Who won the 2016 HGTV Dream Home?
2016 HGTV Dream Home winner David Rennie (red shirt) with wife, Meg, daughters Carolyn (right) and Kate Carberry (second from left), and son-in-law Ken Carberry at the Merritt Island, Florida, home.
How many people have won Dream Homes?
Of the 21 people who’ve won Dream Homes over the years, only six, or about 28 percent, actually lived in their home for more than a year. The vast majority either took the cash alternative or sold the house back to the developer within a year of winning.
How long is Dream Home sweepstakes?
Dream Home sweeps are typically open to entries for a period of seven weeks during which contestants can enter for a chance to win twice daily. Previous winners say maxing out entries was integral to their success. “I entered twice a day religiously,” says 2017 Smart Home winner Stacy Bolder.
How much is the dream home?
The Dream Home grand prize—typically $250,000 in cash, a car, and sometimes a boat, in addition to the home itself, usually valued at $1 million or more—comes with a federal income-tax bill of about $700,000, according to an analysis by Vocativ, plus state income and real-estate taxes that vary by location. The cash alternative, on the other hand, ...
What is a winner's weekend?
Winner’s Weekend, as it’s called, includes an inaugural tour of the house, where the interior designer explains the thought process behind the paint choices, furniture, and other fixtures.
What does the prize's hefty tax burden mean?
The prize's hefty tax burden means most winners opt not to keep their new home.
Did the Rennies get their dream house?
But that’s not to say the Rennies didn’t get their dream house. They used their winnings to remodel the home they already have, incorporating design elements they’d seen in the HGTV model, including blue penny tile in the bathroom, a basket-weave backsplash in their completely redone kitchen, and prints of the original artwork on display in the Merritt Island home.
Who won the 2016 HGTV Dream Home?
2016 HGTV Dream Home winner David Rennie (red shirt) with wife, Meg, daughters Carolyn (right) and Kate Carberry (second from left), and son-in-law Ken Carberry at the Merritt Island, Florida, home.
Where is the first dream home on HGTV?
In 1997, HGTV’s very first Dream Home, a charming log house crafted of Nordic pine and overlooking the Grand Tetons in Jackson Hole, Wyoming, launched a series of fantasy abodes, each just a little more impressive than the last.
How many winners of the Dream Home show have lived in their homes for more than a year?
Only six out of the 21 winners of the show since its inception have lived in their homes for longer than a year, according to Country Living, and this has to do with federal income taxes being too high. This is why to most of the participants on Dream Home rather choose the cash price and vehicle instead of their dream mansion.
Who won the 1998 HGTv Dream Homes?
The only contestant that has kept her dream mansion for an extended period was Tina Carlson from California, who won the 1998 edition of the show.
Where is Emily Muniz's house?
The 2017 house, located at Urban Oasis, Knoxville, Tennessee, a definite favorite with the public, was sold in a matter of days. 2018’s April winner was a 29-year-old from Nashville named Emily Muniz, who reportedly had put her name into HGTV’s Dream Home sweepstakes for ten years.
What Is the HGTV Dream Home Giveaway?
The HGTV Dream Home Giveaway is an annual sweepstakes from the Scripps Network's Home and Garden Television channel , which has run since 1997. Every year, HGTV uses a series of HGTV Dream Home television specials to showcase a gorgeous new home that their experts have built, then give it away. Dream Home winners receive prize packages including the house, cash, a car, and more totaling between one and three million dollars!
What does the HGTV Dream Home Sweepstakes winner get?
Each year's HGTV Dream Home Sweepstakes winner receives the home itself, all of the artwork and furnishings inside the home, a big cash prize, and a new vehicle. Sometimes, additional prizes, like a doggie dream homefor pets or a new boat for waterfront properties, are also included.
How old do you have to be to enter Dream House?
Typically, entry is open to residents of the United States. To enter, you have to be at least 21 years. You're allowed to enter the Dream House sweepstakes every day, and in some years you can rack up extra entries for activities like referring friends, entering through partner websites, and other methods. Be sure to check each year for changes to these giveaway rules.
What year was the Dream Home on HGTV?
Exterior of the HGTV Dream Home 2012. Image © 2011, Scripps Networks, LLC. All Rights Reserved.
Why don't dream homes live in their homes?
Why don't Dream Home winners live in their homes? While the tasteful design and luxurious details make it tempting to try to move in, most Dream Homes are impractical for a family to actually live in. Many of the homes are too large for most families, with high utility and other costs.
What does HGTV use for landscaping?
In order to design each year's home in a way that respects and pays homage to its surroundings, HGTV uses locally-sourced materials, local artisans, and local vegetation in its landscaping.
How do you know if you won on HGTV?
How will you know if you've won? HGTV typically surprises their winners with an "ambush". They recruit friends and family to help set up a surprise announcement, and film the winners' reactions.
What is the Dream Home Giveaway?
Millions of contestants enter each year for the chance to win HGTV's Dream Home Giveaway, a stunning prize that includes a designer-curated home, a car, sometimes a boat, and hundreds of thousands in cash. The sweepstakes began in 1997 with a gorgeous log cabin that was imported from Finland and reassembled atop a vista overlooking the Grand Tetons in Jackson Hole, Wyo. Two decades later, the homes have spanned the entire United States, ranging from breathtaking ocean-side villas, to jaw-dropping mountain retreats, to classic country manors.
What does winning a dream home mean?
Speaking with the Pittsburgh Post-Gazette, HGTV spokesperson Emily Yarborough said, "Our vision of the dream is that it enables you to do what you want to do." In more specific terms, Dream Home general manager Ron Feinbaum told Country Living, "Winning one of these homes is life-changing in that recipients either pick up their things and move or they suddenly have a large savings account." He added, "The outcome depends on the individual winner but the overarching theme is that, if you win, it's life-changing.
Why is there a Home Depot commercial on HGTV?
There's a reason every other commercial on HGTV is for Home Depot or Lowe's, and it's not because those home improvement giants think the Property Brothers are super dreamy. It's because every single program on that network is designed to hypnotize the home viewer into thinking a DIY bathroom remodel is a piece of cake, or that if you put $10,000 into a renovation, you'll get back $100,000 in return.
Why did Tina Carlson sell her house?
That was Tina Carlson, the 1998 winner, who sold her coastal South Carolina bungalow after "her parents got too old to travel and couldn't come as often as they'd like," according to HGTV spokesman Emily Yarborough, who spoke with The Press Democrat. Most other winners followed a similar path of either taking the cash option or selling the house in order to satisfy the tax burden and recreate a "mini Dream Home" closer to their family roots.
Where did Dee sell her house?
Like most winners, Dee, an Iowa resident, quickly sold the Islamorada, Fla. beach house she had won. "We pretty much knew that was the case right when they walked in and told us," Dee's husband, Tommy, told the Twin Cities Pioneer Press.
Can you win a Smart Home Giveaway?
Speaking of those sponsors, one interesting factoid we came across in the Smart Home Giveaway rules was that basically anyone associated with any of the brands featured in the sweepstakes is ineligible to win. The rules list the corporate sponsors and even bar "employees and members of their households, whether or not related, and immediate families (spouses, parents, siblings, children and each of their respective spouses regardless of where they reside)."
Who will be your first houseguest?
Uncle Sam will be your first houseguest. HGTV. Everyone knows that with a huge cash prize like the lottery, the government will be waiting with its hand out. Winning HGTV's Dream Home Giveaway is no different. In fact, the television network spells this out clearly in the sweepstakes rules for its Smart Home Giveaway, ...
