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Readers Respond: How Would You Pay the Taxes on the HGTV Dream Home?

Responses: 339

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Winning the TAX dream

From what I have read only one person has ever tried to keep the HGTV Dream houses, and in the end (less than 3 years later) had to sale it because they just couldn't afford it. As much as I love the area (grew up close to Park City as a kid), I would have to take the cash payment, and build my own dream home and pay of my school debt, may be even start my practice when I graduate this year. You know the tax is ridiculous when a budding doctor would have to sale it to not OWE in keeping it. It is too bad the government looks at property as a cash winning, that way they could make their money back when you sold it.
—Guest Sunny D

definitely take the $.

I would absolutely love to win this contest, as a young family restarting our lives after leaving the Marines, we would be more than grateful to win something like this! But as it has been mentioned before, you can choose to take a cash prize instead on top of all the cash they give you and the car rather than the house. We couldn't afford to just up and leave here and could do a LOT with the money here in TN. We could buy a fantastic more modest home for our family and our children to grow up in :).
—Guest mamac

You could buy 4 or 5 houses

How about next year the house be a dream home with enough cash to pay the gift tax and maybe somewhere where the property tax isn't much more than a typical mortgage or in a location where investment money from the home is an option? Who wants a "dream" home that is so far out of reach that you risk losing everything to maintain it? My goal in life is to own a Bed and Breakfast, why? Because I enjoy every part of it but the payment. My dream home can be shared with others...if they'll help pay for it. A nice house paid off where I could afford the taxes will one day be nice, but in this case I would take the money to buy my dream elaborate & themed Bed and Breakfast that will allow me to let people at least live 1 weekend of their "dream life" That's my dream! Good luck and happy entering!
—Guest Utah's own

guest

I am a happy 60 year old woman. I raised seven children and now have 13 grandchildren. I would love to see the eyes of my kids light up if I won this home. I would take my whole family to Park City to run and play and see the river. We would have a wonderful vacation. Or, maybe, I would take the money and take them all to wherever they wanted to vacation then pay off some bills and get the best piano teacher for my 19 year old son. He is self taught and has a talent that is naturally gifted. I wish I had the money to get him the best instruction. One teacher told him there wasn't anything more she could show him he hadn't already learned on his own. Ok, the home, it is beautiful but I would rather see HGTV build 10 smaller homes with this money for the needy and give them a start because whoever could afford the taxes on this home already has a home. God help us see how foolish and materialistic we have become.
—granny2012

Something for the WHOLE family

Mother of three grown children raising t hree step-children 9,6 & 5. Helping 63 yr. old sister raise three grandsons, 12, 9 & 6. She is on her own with small income job. Parents of kids are addicts and lost her husband to addiction. All she was left with is debt. Winning this would be a great place for my family and extended family to spend time together. Utah in any seasons is beautiful with so many things to do. I am fortunate that because of my wonderful husband and his job and family values we would be able to keep the house and enjoy it for many years. If I had to sell the money would go toward my great-nephews college. It would be a dream come true for family and friends as we are fortunate to have a lot of both.
—Guest Family Helper

Oofta!

Although I have been entering this contest for years, reality is clear. The total prize package tax bill would exceed the $500,000 cash given you by at least 200k. Furthermore, the yearly property taxes of around 24k would exceed our current mortgage and property tax combination. Keeping this place could certainly lead to bankruptcy unless you are able to find good jobs in Utah. I dont believe that any renting would be allowed in these dream homes. It could certainly lead to dislike from neighbors which would certainly taint a dream home experience. I feel that only a wealthy person could afford to keep this dream home. Emotionally I would love to keep a dream home. I do not not believe it would be financially feasible in our situation. I would love the in person tour however:)
—Guest Dream Home Afficianado

come and get me!!!!!

Just the thought makes me happy, id go for it and have my last years in that beautiful home!
—Guest wish they gave it to people like us

I would find a way

I guess I am being dumb but I would find some way to keep it. I am going on 70 andam in ill health so the climate and the joy of living in that home would make my last years better.
—Guest Tom

YOU can't rent it out

I think I read where the HOA prohibits renting out the property. If you owned the house next door, would you want "renters" in and out of this home. NO WAY. so you can't make money off the home. You would have to be responsible for the yearly taxes out of your own pocket. This is one problem with the Dream homes. Too expensive to keep. We look at these homes, we might even win it, and then we take the cash as the only option left to us. The dream turns in to a sad story, but at least you are left with some $$$$.
—Guest Judge

should i stay or should i go now

my family has been dreaming of moving to utah one day there's so much out there my job allows us to relocate any where so i would go and be extremely happy, I mean how bad could it be if it don't work out you sell but to atleast live in such a beautiful home and in such amazing surroundings would be be worth the headache. just don't sell the home back were you came from you may need it
—Guest ski bum

it's mine!

I think this is a BEAUTIFUL HOUSE. I'm sending all the positive forces my way so it will be mine!
—Guest Jen

Taxes...

The $500,000 would barely pay for the "gift tax". However, you could rent it out for say $5000 a week. If you ony had renters for 4 months in the year...thats 80,000. Question is how much are yearly taxes on the property? I think you would have enough...
—Guest Snow bunny

Keep it

I totalled the taxes (fed, state, local) to be 5 -10 k over the 500k they give you. I would try to keep the house for a vacation home. Renting in out to other vacationers...that would hopefully cover the yearly taxes.
—Guest Ski bunny

I have already packed my bags!!!

when you need a change - HGTV show a beautiful way every year. I will love to win this place in Utah, I would do whatever it takes to keep it. Where the is a will there is a way. My family is ready, come ambush me.
—Guest mamakt

They already solved this problem :-)

The package is worth 2 million, but the house is only 1.5 milion. This is why they give you $500,000... I would just use the $250,000 (this is the $500,000 after the taxes on the money) to pay for the taxes on the house. Once that money runs out, I would sell it... (or rent it out for a couple weeks every year)
—Guest bcatfish

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