Blessing of hope
- My husband and I agreed if we won we would have to sell but would still feel blessed to have money to possibly buy back our dream home we built ourselves that was foreclosed on last year due to unfortunate circumstances. We pray that Gods will be done. Whoever wins, hopefully it will be a blessing and not a curse!!
- —Guest Sadie
- NO ONE HAS A CLUE HERE IM 54 ON DISABILITY SOCIAL SECURITY THERE ARE ALOT OF PEOPLE LIKE ME HOPING FOR ADREAM TO COME TRUE ON A $1200.00 DOLLAR A MONT IN COME ON THIS INCOME COUN'T AFFORD TO STAY IN A HOUSE LIKE THIS FOR A MONTH UTILITY'S OR IF ANYTHING BROKE SO THIS DREAM HOUSE IS REALLY A RICH PERSON'S DREAM
- —Guest JERALD58
- Hgtv 2013 ( I was sincerely thinking if I won what would I do. ) I have always loved Billy Graham Evangelical Association; located in the Carolina's. I would like to discuss a business deal with the Group involving Bible workshops and youth groups to meet and use it as a tax deduction as well as an outreach
- —Guest Darleen
What I would do if I was the winner:
- We are retired, Our plan if we won the 2013 dream home, is to hire an Account expert. Figure the subsequent taxes and Insurance into the amortization payment. You our and use the home for the duration of the mortgage and have the income.The only way we could keep the home.
- —Guest Mel Gilley
- I agree with the person that said HGTV needs to pay the taxes do you could actually say You Won the dream home. It all sounds wonderful until reality sits in and you realize this is not possible. You can't afford your dream home that you won!
- —Guest Sherry Busch
Money-wise, taking the home is better...
- You could make a lot more money by accepting the home than by taking the million dollars. If I won the home, I'd take the $500,000, keep the car, and sell the home and furniture separately. If you play it right, the home alone could sell for $1,500,000 (possibly more!). Already, (not including furniture) I'd have 2 times the amount of the cash prize. Of course, it'd be really nice to live in that house though.
- —Guest Cindy
- I will hire an experienced accounting firm to make all financial decisions but i have asked God for this home and i believe that He who hears our prayers because i know His name will bless me. Hallelujah! Amen.
- —Guest erica
- I used to live on Hilton Head Island so I am familiar with living in SC. This is a wonderful area for seasonal rentals. I think I would try and keep the home for at least two years and then sell it and avoid any capital gains taxes. In the meantime I would rent it out during peak season and try and use it at least 3-4 times per year. I would keep many of the furnishings and the car. Renters often steal or damage items so I would be reluctant to leave some of the luxury household items during rental. Use the 500,000 for taxes and let the house generate some income for you long term
- —Guest dancaroline
See if I could give it to charity
- I would try to donate the house to the LDS church in exchange for them paying my income taxes. The taxes would be substantially less than if I kept it due to a contribution limitation of 50% of my income. I also would stipulate that I was allowed to live in the house for no more than 5 years. I would stipulate that the church paid the real estate taxes, insurance, homeowner fees and any major repairs while I was living there. I would move out at the end of 5 years or sooner and they could sell the house. They would make a big profit and I would keep the car and the money. I would see my small house and combine the sweepstakes money to purchase another bigger home in another area. The area where this home is located is beautiful and it would be great to experience living there.
- —Guest Nancy Whipple
many dreams fulfilled
- I would pay all taxes with part of the cash option total. I would share the remainder with my mother, uncle, brother and sister: My share would go toward fostering my dream to work and live in France. Further, as one who has been self-employed nearly her whole adult life, I would begin an investment fund for my needs as I age and hopefully retire. (I will be 50 this year!:-))
- —Guest ellen
What you don't understand
- What people don't understand is yes, they give you 500k but taxes on a 2. Million dollar house is 670k. So unless you have a great plan on coming up with the other hundred grand you are short, I would sell. That's not including monthly maintenance. Good luck
- —Guest Me
- If I somehow win, I'll be taking the cash option. The $500,000 won't cover all the taxes on the house, cash, and car, and in this market I feel like handling the sale would be an additional hassle that I don't have the time and desire to handle (I wonder what the closing costs would be on a $1.7 million house). By taking the cash option, I would have enough money to pay off student loans, buy my dream house in my current (less expensive) town, and have plenty of money in the bank for the future. Even though I wouldn't keep their dream house, it would still be a dream come true.
- —Guest Kim
Never happen for the working folk...
- As one responder posted, the taxes are astronomical. The majority of us posting here have NO clue. You would have to use the 500k, PLUS you would have to take a 250-300K mortgage to pay taxes in order to keep the place, then the upkeep, yearly taxes, insurance.... it is just not something a working family will ever be able to do. Once I realized that, I quit entering. I would suggest to HGTV and all others doing such contests, if you want to really give a gift, give an "all taxes paid PLUS 200K" giveaway, so that the person who wins could actually experience the joy of it.
- What I want to know is: just what are the taxes in S.C.
- —Guest Richard
- A dream is never meant to be easily obtainable and if you want it then you're gonna fight to have it. I'm 25 and I will admit that the taxes would be well beyond my small family's means but just the opportunity to be apart of something this great is fabulous. Some of the suggestions make perfect sense and I would try every avenue to make it work.
- —Guest Crys1987