What happens if i win the hgtv dream home

He was foreclosed on after three because he could not afford the mortgage that was required to pay the tax bill. Each member of the family got one item to keep and I am sure there was probably some money left over after foreclosure but certainly not much.

I believe HGTV has a developer attached to the project who is obligated to repurchase the home I would assume at a discount for 1 year after winning. He bought it in a unique way: He or maybe it was his dad? So he kept it for exactly one year, drove it exactly once a week to keep the engine lubricated.

I wonder if you'd do better outright selling this house. It'd depend upon the location, I suppose. So you can take the house if you were already loaded but other than that you would have to quit your job and move there while getting a mortgage that you certainly couldn't afford without a job.

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You will eat the finest foods, visit the area's best attractions, and receive numerous gifts and keepsakes. The HGTV Dream Home is a prestigious property that many people would love to own, meaning that it usually sells for a great price. Even after paying the taxes, smart winners have enough cash left over to live their dream, whether that be renovating their own home to make it perfect or buying a different, if somewhat less expensive, dream home.

It might be helpful to avoid thinking of the house itself as the prize and instead focus on the experience and the cash that winners walk away with. If you won a giveaway where the prize was a million dollars cash, a vacation, appearances on television shows like Oprah, and a brand new car, you'd consider yourself very lucky indeed. The important thing about this sweepstakes is not to get fixated on keeping the home, but rather to enjoy the experience and the money and other great prizes that you will receive.

It is a strange emotion I am proud of this sweepstakes, and I want everyone to enter. It is a chance of a lifetime that everyone should risk. What happens after you win will be what you decide is best. In the past years, HGTV has often offered Dream Home winners two options: Take possession of the house or accept a large cash prize along with the other perks of winning usually a vehicle, cash, furnishings, and artwork. Taking the cash option means that you would receive hundreds of thousands of dollars and won't even have to worry about finding a buyer for the house.

You may be able to whittle down the tax burden by donating part of the prize, like the vehicle or the artwork, to a worthwhile charity. Most charitable donations are tax-deductible, and this may help make the costs more affordable, especially combined with some of the other options. The Dream Home Sweepstakes usually gives away a large cash prize along with the home and vehicle, and you can put this cash toward the taxes. You can also try to set up a payment plan with the IRS. If you already have a home, you can try to sell that home or mortgage it to raise the money for the taxes.

You can also try to take out a mortgage on the Dream Home. Sell, refinance, make a deal with the IRS, or something else altogether? To decide what is right for you, you should get professional help. The very first thing that you should do if you win the Dream Home Sweepstakes, or any large sweepstakes or lottery prize, is to hire an experienced financial team to create a plan that will allow you to make the most of your windfall.

In the meantime, you can enter contests and sweepstakes to renovate your current home on a budget. Actively scan device characteristics for identification.