The home this year is in the South West, New Mexico I believe. Not only do you win the home, but a new GMC Terrain and $500.000. Would you keep it? Could you afford to? Are you going to HGTV.com to enter? What are your thoughts?
I didn't care much for that home, I prefered the one in Florida but if I won it I would keep it however I wonder what the property taxes are on it per year? mmmm:)
I agree liked the one in Fla. better. That's what I mean, could a person afford to live there? The $500.000 would help, but then you have to pay taxes on that too.
Well ,I guess you could use the 500,000 to pay the taxes on the winnings , which would be on what the house is worth , plus a bit more cause its a winning ,and , well you still gotta pay close the half of the 500,000 back to taxes on it alone, see, you pay extra taxes on winnings , most people who win stuff like that can't afford all the taxes so forfit the prize , Like on the Oprah show , she gave everyone in the audience a new car but most of em couldnt afford the taxes from winning it , so left it , sad but true ,
Very true, very true! The taxes will kill ya! People think OMG I won! But most of the time your not winning in the long run.
What a great question. I entered that contest a couple of times in the last few years. Never won, sorry to say. But if I had, I'd have found the most reputable high-end real estate agent to put it on the market, completely furnished. Maybe I'd get 50 cents on the dollar, but I wouldn't have a weight around my neck that would suffocate me for the next 10 years.
I'd love to hear from one of those very lucky folks who actually won these houses. In fact, I wonder how many who won actually kept the houses. 'Spose I could do the research, but I'm not all that interested. LOL
no. i think a lot of their remodels are kind of tacky.
I would definitely live there. I love Santa Fe, and the house is gorgeous, as are the surroundings. Agreed, it would cost a lot to maintain the house, but the $500K would help quite a lot. What a perfect place to relax, write, explore the culture of the area, and find a new direction in life.
Haven't seen it, but most likely not. New Mexico is not a place I really want to live.
I did do the research a few years back when the house was close to the city I live in - over 90% of the ones who took the homes, immediately put them up for sale. Not sure if even one actually still lives in the homes today.
I actually just read up on this. Only one man kept his house. The Texas 2005 mansion. He was swallowed up in debt and had to auction it 3 years later. He owed over 650,000$ in taxes. You have to pay taxes on every part of the winnings. The cash part you get after taxes still wouldn't cover it and you have mantainance and utilities. Don't forget if you already have a mortgage at home. I think it is BS that they parade you around making you visit the home and broadcast you falling in love with it then immediately offer to buy it back from you for face value because the know it's above your lowly means. BS!!!
Isn't that always the case that lottery winners end up in worse shape years later than they were prior to winning!
I would auction it for charity. The extended benefits of giving will provide greater rewards
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