Wednesday, January 5, 2011

HGTV 2011 Dream Home Sweepstakes - What really happens when you win?

2011 HGTV Dream Home in Stowe, Vermont
The reality is not quite like the fantasy, but still not bad...

UPDATE 4/14/11: The 2011 Dream House Sweepstakes is over, but this post still applies to all the HGTV Home Sweepstakes including the Green House Sweepstakes

On New Year's Day, I told everyone about the HGTV 2011 Dream Home Sweepstakes where the winner will get a $1.5 million dollar fully furnished costume built dream home in Stowe, Vermont and $500,000 in cash - SWEET!

But what really happens if you are lucky enough to win the HGTV Dream House? Obviously winning 2 million dollars comes with something called a tax bill (on the winnings) and high real estate taxes on the home.  Prior winners have sold the home back to the builder or in a private sell.

One of the winners refused to sell the home.  I read he thought that God had destined for him and his family to live in the home.  The end result was not a dream. So selling is really the only option, unless you are already rich.

After selling the home and paying the taxes, the winner should have plenty of cash (probably around $500,000 to $750,000) to finance their own dream whether it be to payoff their existing mortgage or buy a better home or save it all for a rainy day. But of course before you sell, you should take a really great vacation in the home with your friends and family :)

So go ahead and enter, but know that the reality is not quite the fantasy, but it is still not bad.


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