Of the 13 Dream Homes HGTV has given away, only two winners managed to keep their homes for any length of time. A Thousand Oaks family held on to their home for eight years before selling, but another couple had to auction off their Dream Home in Texas last year after running through their savings and taking out a loan to pay the taxes.
Can you afford to keep your HGTV Dream Home?
That’s the fact that they can’t afford to keep their HGTV Dream Home. One winner would even end up bankrupt because they could not keep up with the finances of their new, luxurious home.
How much did the HGTV Dream Home 2019 winner win?
The place sold for $2.7 million, more than a million less than the $3.8 million HGTV said it was worth. 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.
What is the dream house on HGTV?
The 2005 HGTV Dream House is a sweeping mansion built on the shores of Lake Tyler in Texas. The 6,500 square foot house is the only one with direct access to the lake waters. Not only that, but there was also a second house directly on the lake.
Where did the 2014 HGTV Dream Home sweepstakes take place?
The 2014 HGTV Dream Home Sweepstakes gave away a Yukon Denali vehicle, $250,000 cash, and a fully furnished home with panoramic views overlooking the Carson Range of mountains, not far from Lake Tahoe, California. For more details, see the 2014 Dream Home Giveaway .
Do winners of HGTV Dream Home keep them?
What Do Dream Home Sweepstakes Winners Receive? 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.
Who won the 2022 HGTV home?
Leah NadorffMeet 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.
Who keeps HGTV Dream Home?
HGTV announced that Karey Wolstenholm of Overland Park is the winner of their “Dream Home” sweepstakes. The grand prize package she and her family will receive is valued at over $2.4 million.
How much taxes do you have to pay if you win the HGTV Dream Home?
Santo said the winner also has to pay income tax. According to HGTV, the grand prize includes the fully furnished house, plus $50,000 cash, valued at a total of about $684,000. Santo says the winner will be taxed at the top federal rate of 37 percent. Add on state taxes, and they'll owe between $238,000 - $266,000.
What is the cash option for the 2022 HGTV Dream Home?
In lieu of taking title to the HGTV Smart Home 2022® (and the contents of the HGTV Smart Home 2022®), the Grand Prize Winner will have the option of receiving $600,000 in cash, awarded in the form of an electronic funds transfer (the “Cash Option”).
How much are the taxes on the HGTV Dream Home 2022?
After all, as Vocativ explains, being deemed the lucky winner for a home worth $1.75 million will cost you nearly $700,000 in federal income taxes, plus additional bills for real estate taxes, state income taxes, and other costs.
How are HGTV Dream Home winners notified?
The winner is then notified, usually by an ambush-style announcement where representatives of the Scripps Networks show up at the winner's home, place of business, or family gathering. However, winners can also be notified by registered mail.
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 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.
How does HGTV ambush winner?
The HGTV crew first ambushed Maureen's husband at his fitness studio, enlisting his help to surprise his wife with a backyard summer barbecue that same evening. Using the ruse that Maureen's friend from Boston was in town on business, the team worked quickly to plan the bombshell event with family and friends.
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.
Where is the 2023 HGTV Dream Home located?
Morrison, CO.Discover HGTV® Dream Home 2023, a luxurious mountain escape located in Morrison, CO.
Where is the 2022 HGTV Smart home located?
Wilmington, North CarolinaSee every stunning space from HGTV Smart Home 2022, a grand waterside escape packed with high-tech design and located in Wilmington, North Carolina.
Where in Wilmington is the HGTV Smart Home?
On Tuesday morning, the popular HGTV television network unveiled its HGTV Smart Home 2022 in the River Bluffs community in Castle Hayne.
What is the HGTV Dream Home sweepstakes?
Every year, HGTV gives away a fantastic house as the grand prize in the HGTV Dream Home Sweepstakes. This once-in-a-lifetime prize, which includes a custom-built or lovingly-renovated home in a fabulous location as well as landscaping, furnishings, cash, a vehicle, and more, is usually worth well over a million dollars.
How does Dream Home make money?
The Dream Home Giveaway makes money for HGTV and its partners by giving viewers inspiration for ideas they can implement in their own homes. Exposure in the Dream Home series can boost sales for everything from paint colors to furniture styles. It increases demand for local builders and artists. It's big business.
What do you get if you win a Dream Home?
Winners who take the cash option would still receive the car, furnishings, artwork, and the cash, but instead of taking possession of the Dream Home itself, they receive a hefty cash payout. Many winners have donated the furnishings to charity to help with tax write-offs while doing some good in the world.
Does HGTV offer cash?
HGTV has made it easier for Dream Home winners to handle the tax consequences. In recent years, they've not only offered cash as part of the prize package, which helps make the taxes more affordable, but they have also offered a cash option in lieu of the home.
Did Don Cruz keep his dream home?
At the time of this writing, none of the winners has been able to keep their Dream Home permanently. 2005 winner Don Cruz tried to keep and live in the home, but he went bankrupt in the process (although he said that the experience was well worth the upheaval). The high taxes caused every other winner to either sell quickly or take the cash option.
Is selling a house a bad idea?
Now, selling or taking the cash option is not a bad thing; Winners end up hundreds of thousands of dollars richer and have an amazing experience to boot. But selling the house is a disappointing thought for people who imagined themselves enjoying all of the luxuries of the beautiful home they watched on TV.
Who is Sandra Grauschopf?
Sandra Grauschopf has been working in the contests industry since 2002. She is a passionate sweeper, with tens of thousands of dollars worth of prize wins to her name, and she has been sharing advice about how to be a winner for over a decade.
Where is the Dream Home on HGTV?
For the 2019 Dream Home, HGTV chose a mountain retreat in Whitefish, Montana. This house was built from scratch for the 2019 giveaway and designed by HGTV pro, Bryan Patrick Flynn.
What was the 2014 HGTV Dream Home?
The 2014 HGTV Dream Home Sweepstakes gave away a Yukon Denali vehicle, $250,000 cash, and a fully furnished home with panoramic views overlooking the Carson Range of mountains, not far from Lake Tahoe, California. For more details, see the 2014 Dream Home Giveaway .
Where is the second HGTV dream home?
The second HGTV Dream Home was located in Beaufort, South Carolina, one of the oldest communities in the state. The area is known for history and its deep Southern charm. That charm is reflected in the design of the Dream Home, which includes three elegant porches and a light and airy interior design.
What is a dream home?
The Dream Home was designed to bring the beauty of the outdoors into the house, with a huge open porch in the center, living quarters designed to be all on one level, and a recreation area downstairs. The upstairs level is devoted to spacious guest quarters as well as a library and a suspended walkway connecting the different sections of the house.
Where was the 1999 Dream Home built?
The 1999 HGTV Dream Home was built on the pristine beaches of Rosemary Beach, FL . The architecture of the surrounding area reflects the beautiful designs found in cities like New Orleans, Saint Augustine, and the Caribbean. The house includes unusual features like a roof that is custom-designed to keep the house cool despite the Florida heat and an outdoor room that is just as beautifully furnished as any of the interior areas.
Where is the 2020 Dream Home?
The 2020 HGTV Dream Home was a "charming coastal escape" in Hilton Head, South Carolina. It was designed, once again, by Bryan Patrick Flynn. This cozy home incorporated lots of island accents. As with most Dream Homes, its outdoor area was as beautiful as the indoors, featuring a pool, a grill area, and more. The home and its accompanying prizes are worth $2,000,000!
Who won the 2010 Dream Home sweepstakes?
Myra Lewis, winner of the 2010 Dream Home Sweepstakes. Image © HGTV, 2010, used with permission.
