Take the Tour of HGTV Dream Home 2023 (2023)

FAQs

What is the cash option for 2023 HGTV Dream Home? ›

In lieu of taking title to the HGTV® Dream Home 2023 (and the contents of the HGTV® Dream Home 2023), the Grand Prize Winner will have the option of receiving $750,000 in cash (the “Cash Option”).

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.

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.

It is also important to note that the winner does not receive a brand-new home and a brand-new home only. They are also responsible for federal income taxes ( which can be around $700,000 ), state income taxes, property taxes, and maintenance.

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.

The winner that held on longer than anyone else

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.

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.

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.

The 4,360-square-foot home features a modern kitchen, an open floor plan and plenty of windows to soak in views of its Rocky Mountain scenery. The home's main bedroom has a walk-in closet, an en-suite bathroom and deck access.

How big is the lot for the HGTV Dream Home 2023? ›

The three-bedroom, three-bathroom home sits at approximately 4,360 square feet, resting on a secluded road against the backdrop of the beautiful Rocky Mountains.

The grand prize includes:

A luxurious mountain escape featuring 3 bedrooms and 3 bathrooms on 2.4 wooded acres in Morrison, Colorado.

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.

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!

Clearly there's no shortage of viewers hooked on nice houses. 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.

The HGTV Dream Home Giveaway is a popular contest where the network gives away a home that its experts have built. The contest first started in 1997 and now has over 100 million entries per year, according to Live About.

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.

"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.

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 much goes to taxes if I win $1 million dollars? ›

How much do I pay in taxes if I win 1,000,000? If your gross prize for lump sum payout is $1,000,000, you need to pay $334,072 in total tax ($240,000 federal withholding, plus the remaining $94,072 for single filing status in 2021).

Other ways to win cash prizes could include sweepstakes, a game show or reality TV competition. You'll need to include all prizes as income on your tax return, even if they're as small as a dollar. Noncash prizes: The IRS considers noncash prizes as income you should report as well.

Keep in mind, this section is about taxes aside from the income tax you'll be paying on the winnings. When you win a car, the contest sponsor becomes the vehicle's legal owner. The sponsor then transfers ownership of the car to you, the winner.

According to HGTV's official sweepstakes rules, the 2023 cash option is $750,000, accepted in lieu of the house and its contents. The winner also gets the vehicle and cash prizes, usually a nice car, and $100,000 to 250,000.

It seems Karey and her family made their way to Vermont and are currently living in the $2.4 million home. They even get to keep the furniture free of cost, unlike some other HGTV shows. The lucky winner also received a 2022 Jeep Wrangler and $250,000 from Rocket Mortgage.

In 2022, HGTV superfan Karey Wolstenholm won the sweepstakes and walked away with the grand prize package valued at over $2.4million.

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!

NEW YORK, Dec. 23, 2022 /PRNewswire/ -- Beginning at 9 a.m. ET today, December 23, 2022, through 5 p.m. ET on Thursday, February 16, 2023, fans can enter for their chance to win the HGTV® Dream Home 2023 located in Morrison, CO.