HGTV Dream Home

[bananiem]

Don't bother entering. It's MINE!
http://hgtv.com/

 

[cybrkitn]

Looks nice. Is that the design for the contest or does it vary? B/c something like that would look good in your neck of the woods and areas like that. But unfortunately, where I live, there is no place where that design would fit in. Although, I would love to have a brand new house of our own

 

[DisneyAddict_M]

Oooh, nice!

 

[DaisyD]

I entered yesterday for the first time. Just did it again. I want that house!

 

[SwedishMeatball]

I watched the special last night and was quite impressed, but when they showed that bowling alley then I really fell in love.

 

[bananiem]

Looks nice. Is that the design for the contest or does it vary? B/c something like that would look good in your neck of the woods and areas like that. But unfortunately, where I live, there is no place where that design would fit in. Although, I would love to have a brand new house of our own

You get that actual house that's already been built in Winter Park Colorado.
Believe me, in this part of Minnesota it would stick out like sore thumb.

 

[dreamcometrue]

Looks nice. Is that the design for the contest or does it vary? B/c something like that would look good in your neck of the woods and areas like that. But unfortunately, where I live, there is no place where that design would fit in. Although, I would love to have a brand new house of our own

I am wondering the same! But what the heck, I am entering anyway...I won't turn down a free house.

 

[cybrkitn]

You get that actual house that's already been built in Winter Park Colorado.
Believe me, in this part of Minnesota it would stick out like sore thumb.

Ahhh! Thanks for the info.

 

[Kay7979]

We enter the sweepstakes every year. I like it better the last couple years as they include a vehicle and a cash prize. Let's face it, the winners virtually never keep the house and have to sell it. You couldn't afford to pay the gift tax to keep it unless you were already a millionaire plus. Generally the homes are in resort develoments where you aren't allowed to rent the homes so you can just rent them out on a weekly basis to help pay the property tax or gift tax. So sadly, most people go for a week's vacation then list the home with a Realtor so they can pay the gift tax and get out from under their expensive "winnings." Its sort of depressing, but hey you end up with a good chunk of money, so we'd still be happy to win the home.

 

[bananiem]

Crap! So much for turning it into a time share.

 

[Straitlover]

The guy who won the home last year (somewhere here in NC) was having to sell it becasue he couldn't afford the property taxes. They were like $20,000!

 

[Keggy]

That is what DH's and my plan has been every year. Did you see the Florida house a couple years back? That is my dream house! Our plan for when we win, is to go for a week and then take any furnishings we want to keep and then sell it!

Good Luck!

 

[nuke]

After I win it I will fly out there for a night or two, sign the papers, and promptly list it to sell. I probably couldn't afford the monthly assesment on the clubhouse let alone the taxes and heat bill!

 

[glass- slippers]

It is beautiful, but I'm not sure if I'd want to live where they average 300" to 400" of snow a year!!

 

[Toby'sFriend]

Let's face it, the winners virtually never keep the house and have to sell it.

There was one a couple of years ago, I think they built it around Tyler Texas. Those people practically bankrupted themselves trying to hold onto that house. They were from the Chicago area and there was an article in the newspaper about it.

Anyway, the house was so overpriced for the economy of the area, once they held onto it past the "media frenzy" portion the value on the house dropped big time and they had a very hard time selling. Here's an article about that one:

http://money.aol.com/cnnmoney/reale...swallowed-don-and-shelly/20060627161909990001

Winter Park Colorado sounds like a much more appropriate place to build.

 

[pansmermaidzlagoon]

as most have said: I would vacation there for a week or two while I line up a realtor and then head home with a truck full of furniture, decor, and stuff!

I figure anyone who can afford that, can easily afford to replace the furniture I take!!!!!

 

[aprincessmom]

Plan A: Turn the place into a bed and breakfast - a reasonable enough plan until Don found out that he doesn't own the land under the house but instead has a 30-year lease, with the right to renew. Without full ownership, he is subject to town rules, which don't allow new businesses in the lake area.

I would be really hesitant to enter if I didn't own the land where the house sat! Do they always do that with the Dream Houses? You only own the house but not the land?

 

[brerrabbit]

When I win I plan to take a weeks vacation and stay there long enough to do a little sking, pick up my new vehicle and my check for $250,000. Before I left to drive home, I would meet witha realator to list the house. I mean at that point you have just gotten millions of dollars worth of free advertising via HGTV and there is no better time to sell. According to an article in Money Magazine last year the only dream house winner to ever attempt to keep the house was a couple with a young son who won the lake house outside of Tyler, Texas. They were from Chicago and he was an ex flooring contractor who was on disabilty and his wife was an office manager. They moved to Tyler with no job and promptly bought 11 cars and redid parts of the yard to accomidate their dogs. They supposedly did not realize they owed federal taxes on their winnings and were not prepared to do so. They were going to sell the house but when a realator told them it was worth less than they thought it should be they tried to sell it themselves. These people were hugely unrealistic and could never have swung this deal. By the way, there is no 'gift tax" per se, you just have the value of the items won added to your income for the year and you are taxed based on you all inclusive income and deductions.

 

[Toby'sFriend]

These people were hugely unrealistic and could never have swung this deal.

no joke!

I always wonder the same thing about that show Extreme Home Makeover. Do they make any kind of plans for those families to be able to afford the taxes and upkeep on those mansions they build for them?

 

[perdidobay]

Wow, I read the article, and while it was nice for the family that won it, I think they got way greedy. To me the icing on the cake was struggling to keep a home they can't even afford the upkeep for, while still keeping their old house with it's mortgage! They took out a loan to pay the federal taxes on the win and can't make those payments. And then, when they realized they would have to sell, they were asking 5.5 million for a 2.5 million house!!

But I don't know how anyone who wins could keep the house, this years prize is valued at 2.5 million, so your federal tax bill alone will be about 833K not to mention Colorado taxes. only if you were a multi millionaire, would you be able to swing it.
If I won, I'd sell it for a fair price so it would sell right away. I'd buy something more realistic, and pay off the taxes and invest the rest.