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

Responses: 339

By

Dare to Dream

The home and location are a dream and will be a dream come true for someone. For myself, unfortunately I could not afford the taxes - so I would have to sell and hopefully be able to buy another dream home in a warm climate state. =) I don't want to appear ungrateful, but selling the dream home would enable me to acquire a dream home that I could fully afford! Thank you!
—Guest -Guest Theresa

Taxes

If we won the sweepstakes (husband and myself) we would ask his parents to move there with us. Both my husband and father -in-law are paramedics and paramedic jobs are usally not to hard to find. I am a emergency dispatcher and believe a job would not be hard to attain. The house we currently live in is a old family home of my husband. It is in desperate need of a remodel, we would fix that house up and give it back to the family for a weekend house, since it is a block from a river. Giving all that taxes seem like a small detail.
—Guest stowe away

property tax rate

there property tax rate is 1.58 percent which if this is a 1.5 million dollar home the taxes would be 23,700. I think it could be doable to get a good investment out of the property but then i would sell it, to much house for just 3 people and even if I ad 1 more to that equation still to much house!!!
—Guest dreaming big

A lot of great ideas

I like the idea of making it a rental property, there are some people out there that have the cash to throw down for 7000 a week rental home and since it can sleep like 12 people I'm sure since it has a great location you could rent it easily, turn enough profit to pay the taxes and insurance and still pocket a little income for yourself. Realize the home isnt exactly 2 million, the total of the prices comes out to 2 million which a quarter of a million is cash, then that vehicle is 43,200 and estimate the furnishing the home has to be about 1.5 millon so the taxes on the property should be approximately no more than 60,000 a year since most property tax in the us ranges from .2% to 4%, you could turn it into a profitable venture and even use it as a vacation home and when your capable wait for the market to be right to sell it for a desired price or adventually do a reverse mortgage.
—Guest Just Dreaming

Just did a little research...

Looks like HDTV didn't build that lodge room for nothing. Per frontdoor.com the HDTV dream home is in THE most desirable location in a town where location is everything. I researched rentals in Spruce peak and found a villa (not even a house) that sleeps 10 that rents for $4200 - $4500 a week. Frontdoor.com also says Stowe is a popular four season vacation destination, so here is what. So here is what I was thinking... ADVERTISE Your not just renting out some rental you are renting THE HDTV DREAM HOME! So let's say you can rent in for a max of $7,000 a week and not even the entire year maybe 30 weeks of the year, that is $7000 x 30 = $ 210,000 Add the $210,000 to the $500,000 from HDTV and you have $710,000. I would borrow against my mortgage free dream home to pay the remaining $100,000 or so in taxes and any additional to run it for the first year. With a $7,000 a week rental you should have that loan paid off in no time... And that my friends is how you keep you dream home;)
—Bunnyfish

Awesomelady

While our main home would remain in Atlanta, what a wonderful place to spend the summer as well as have our families visit and learn about the area first hand. Then I would lease it in the winter. What a wonderful opportunity. Twenty five years ago spent a couple of days of my honeymoon there.
—Guest Gay Maloney

Alli

Hey...they created a way to make income on the property...skiers in the winter...bed and breakfast in the summer...or simply rent it out...the bottom line is...this is a wonderful (NOT to metion beautiful) way to live and have an income...I could teach AND run the house...what a life....what life.
—Guest Alli

Agree With A Few: Doable

The prize package includes $500k. I would at least save half for taxes and other payments. I would start a small business where I live now because it would bring a good chunk of revenue here. While I'm here I will just have the home as a vacation rental. I probably won't sell it until the market picks up so I'll just put aside some dates I would like to visit and the rest be filled with guests. People will pay a pretty penny for a week in the home in Stowe, VT. Before you fall head over heels with your winnings, take the time to run over different strategies. What to sell, when to sell, and then jump for joy. Always read the fine print and to whoever wins, I hope you enjoy it and have a gameplan going it!
—Guest Carrie

Take the cash option!

The tax issue raises an incredible concern; therefore, it seems very wise to take the cash option ($500k, $680k & car). Despite the home in Stowe, VT truly being a dream home, my own personal dream home would be surrounded by beautiful swampland with dead trees, no joke! So I would challenge HGTV to help me design and decorate a house fit for such a tranquil setting literally oozing of raw, natural mystique. Taxes would be significantly reduced and my family and I would absolutely be true winners of a customized HGTV dream home! Most importantly, the car is what I'm most interested in winning. My husband, who refuses to get rid of his 16-year old, wrecked Geo metro valued at $5 could certainly use an upgrade!!!!
—Guest Peggy Brown

I would first say Thank You to the Lord

I would first say Thank You to the Good Lord above, then aquire an attorney, sell the home, pay the taxes and my tithes to the Lord and then take the rest and live la vida loca with my wonderful husband! I may get another Bichon Frise...our beautiful boy passed away 2 months ago and I miss him terribly! :)
—Guest Mary

Listen...

Fortunately they're giving you a great way to make money. Anyone see the ski dorm in the lower level? Just sayin.
—Guest Wicks

New Englander

What a "Dream" it would seem to pay off our debt and mortgage and live in this beautiful home with my wife and children...rather payoff existing home, debt...get a much needed new roof!...and donate this Dream Home to a charity for a retreat for those less fortunate than I am. Better to give than to recieve.
—rives0169

Sell off Shares of the Home

I noticed that many of the vacation homes in Stowe area were partial ownership homes. I wonder if it would be possible to divide the home into 4 shares and sell off 3 off them? Each share would give you 13 weeks in the home. This would allow the winner the option to use the home for 13 weeks each yea (better than nothing). I would imagine that this would give the winner the opportunity to use the money raised from the sale of the three shares to pay the taxes on the property. This might be a way around having to sell the home.
—Guest Butch

**Tread Carefully**

I inherited real estate that was paid off....BUT I had to pay HUGE amount of money to the government for taxes, plus there are numerous bills to keep it up. I can't sell because the market is bad and I would have to get enough to pay of the loans that I got to pay the taxes. So now I know the meaning of Asset Rich and Liquid Asset Poor. So if you can't sell the dream home to pay the government it's share then I sure home you can find a renter to cover the many expenses like utilities, yearly debris removal for fire hazard, property taxes, etc. etc.
—Guest Get Real People

What an amazing experience

I have more chance of getting struck by lightening than winning this home however, it is fun to dream about. If I did win, I would hire an attorney & accountant 1st off, then sell the home like the other winners have done. There would be some winnings and that would be enough for me - I am very poor due to sickness. Your life would change immediately (stress out the gazoo) and put you in a whirlwind but would also be a lot of fun. For that fact alone, I would like to win. Think of all the people you would meet, the opportunity to vacation in the home (at least for a little while) and the other smaller prizes you would win. Odds are I won't win but it is fun to dream and have hope..........
—clevelandgirl123

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