Almost No One Can Afford to Keep the HGTV Dream Home When They Win (2023)

FAQs

Has anyone ever been able to keep the HGTV dream home? ›

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. A few took out mortgages so that they could live in the homes; some filed for bankruptcy.

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.

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.

She is the winner of the HGTV® Dream Home 2022 sweepstakes, a grand prize package valued at over $2.4 million.

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.

Enter daily, once at HGTV.com and once at FoodNetwork.com, for your chance to win HGTV Dream Home 2023, a grand-prize package valued at over $2.7 million!

To put it simply, no. While HGTV doesn't specifically address payment in their application, they do note that homeowners now must have a $100,000 renovation budget (this requirement was previously $50,000 and then $75,000). So we assume that means participants are not in this for the paycheck!

But here's a bit of information that the HGTV fans may not be aware of - many of the stylish homes appearing on the network's shows are available as vacation rentals through websites such as HomeAway, Airbnb and VRBO.

See every stunning space from HGTV Dream Home 2023, a grand mountain escape packed with high-end design and located in Morrison, Colorado.

Why are taxes so high on HGTV dream home? ›

That means you'll pay taxes at your marginal rate because the value of the prize is on top of any income you've earned from employment and investments. Another problem: Most dream home prizes are located in areas with higher costs of living.

The winner of the sweepstakes walks away with the HGTV Dream Home, a perfectly renovated, brand-new home situated in a cute, often expensive neighborhood in America.

Brian Patrick Flynn delivers a jaw-dropping surprise to the winner of the cabin-inspired HGTV Dream Home 2022 in Vermont, an all-new Jeep Grand Wagoneer and $250,000.

The large, two car garage and extra wide driveway create ample room for parking even larger vehicles like the All-New 2022 Grand Wagoneer that comes with HGTV Dream Home 2022.

Designed by Western Design Group and built by Mountain Plain Homes, the 4,360-square-foot property boasts three bedrooms and three bathrooms. HGTV decorator Brian Patrick Flynn, who helmed the house's interior design, spoke with PEOPLE about its unique style and one-of-a-kind features.

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.

Host Brian revealed that the "dreamy mountain giveaway" has a lower level that is a garage and a basement, while up above it is a single-story living at its best. The house also has a massive central break room and an open kitchen with gorgeous cabinets along with a sprawling island.

Promotion starts at 9:00 a.m. ET December 23, 2022 and ends at 5:00 p.m. ET on February 16, 2023. For full Official Rules, prize disclosures, and to enter, visit https://www.hgtv.com/sweepstakes/hgtv-dream-home/sweepstakes or https://www.foodnetwork.com/sponsored/sweepstakes/hgtv-dream-home-sweepstakes.

Do homeowners on HGTV shows get to keep the furniture? Speaking of inside the home, many viewers swoon over the final layouts. 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.

All homeowners must have a renovation budget of at least $75,000 to be featured on the show. A break from the standard rule, homeowners that appear on HGTV's “Unsellable Houses” are not required to provide upfront funding for renovations on their property.

How are HGTV renovations so cheap? ›

"HGTV pays for some labor or costs to expedite production if needed, but generally, homeowners are paying for their services. And, they may have access to discounted services or goods." So a new kitchen island that costs $1,000 might actually cost $3,000 if the homeowners weren't being featured on a TV show.

Most Hosts pay a flat service fee of 3% of the booking subtotal. The subtotal is your nightly price plus any optional fees you charge guests, like a cleaning fee, and doesn't include Airbnb fees and taxes. Guests typically pay a service fee of around 14% of the booking subtotal.

Choosing a lump-sum payout can help winners avoid long-term tax implications and also provides the opportunity to immediately invest in high-yield financial options like real estate and stocks. Electing a long-term annuity payout can have major tax benefits. Federal taxes reduce lottery winnings immediately.

How do people collect their prizes if they win? After someone wins a prize a producer will ask them to return to the front of the stage after the show where all the necessary paperwork will be done for the prizing.

The IRS will automatically take 24% of your winnings off the top, and the rest will be due at tax time. Around $17.82 million in federal income tax will be owed, per year, for each of the remaining 27 payments.