HGTV’s “Dream Home Give Away” 2012 is a well thought out prize and one that hopefully won’t repeat the nightmares of winners in the past. This is the 16th year that HGTV offers a “Dream Home” that you get a chance at winning just by just entering a contest. This year’s house is worth about $2 million and set in the landscape of rural Utah. Along with the house, the prize also awards you $500,000 in cash and a 2012 GMC Terrain as your new vehicle.
Many of the former HGTV “Dream Home” winners ended up with a nightmare as they couldn’t come up with the taxes due for winning the home, leaving them with no option except to sell. With HGTV awarding the $500,000 cash along with the house as part of the prize, this might help in fraying the cost owed in taxes. If this doesn’t do it, the winner’s offered the option to take $800,000 in lieu of the house plus the $500,000 in cash that goes along with the grand prize and the vehicle.
The home acts as more than just a giveaway, it’s actually a great advertising gimmick, so even if they need to sell it at a loss, its paid for itself in gold. According to Daily Markets, the HGTV “Dream Home” serves as a design resource for millions of homeowners, it comes with all the latest technology and built with the newest and most efficient products on the market.
Many of the businesses that supply the building supplies to put up this house do so for the advertising along with educating the consumer on what they offer.
This venue’s worked well for the advertisers in the last 16 years, but according to Bella Online’s Taxes Site, most of the previous winners of the HGTV “Dream Home” sold the house, usually within a year or so of winning it. It’s the taxes that turned into a nightmare for many. The house is a “give away” but the taxes on this “give away” are hefty and the winners just couldn’t get their hands on the hundreds of thousands of dollars need to pay this bill. This year’s option lets the winner really enjoy a prize and one they can afford!