Although there are plenty of sweepstakes that make good on big prizes, the HGTV Dream Home Giveaway is among the most heralded in the United States because it presents a once-in-a-lifetime opportunity to win a fully furnished luxury abode.
This yearly event was launched in 1997 and has captivated the dreams of millions who imagined owning a beautiful, custom-designed home in a stunning setting.
HGTV (Home & Garden Television) partners with leading architects, designers, and builders to create a home that is stunning to look at but includes an abundance of modern amenities and high-end furnishings.
In addition to the home, winners also receive a cash prize and a brand-new vehicle, making this giveaway one of the richest contests in the nation.
How to Enter the HGTV Dream Home Giveaway
Entering the HGTV Dream Home Giveaway is easy, but be wary of specific rules and restrictions.
Entry Methods
To enter the giveaway, participants can do any of the following:
- How to Enter Online: The simplest and most widely used method is to go to the HGTV official website and enter an entry form. They usually allow one entry per email address per day.
- Mail-In Entry: A few giveaways will accept entries through the mail in the form of a postcard with your information.
- Alternative Methods: There might be special promotions offering various alternatives for entry through partner sites or sponsors from time to time.
Who Can Enter? (Eligibility Requirements)
- Must be a legal U.S. resident
- Must be at least 21 years old
- HGTV, its sponsors , and their immediate family members are not eligible to participate
Entry Deadlines & Limits
- The giveaway happens for the months but usually opens around December and closes a few months later in February.
- Participants usually can enter twice per day once on HGTV’s Website and once on a partner site such as Food Network or DIY Network.
What Does the Winner Receive?
The HGTV Dream Home Giveaway is more than a dream house. It often includes:
- A luxury, fully furnished home (designed by HGT V’s best designers)
- A new vehicle (e.g. GMC Yukon or Honda SUV)
- A cash prize (usually between $100,000 – $250,000)
- Luxury appliances, smart home technology , and custom décor
Home Features & Design
Dream Homes are constructed in stunning settings, from coastal getaways to mountain retreats to country escapes. Homes feature:
- Open-concept living spaces
- Contemporary kitchen with top-of-the-line appliances
- Smart home automation
- Spacious outdoor areas
- In the past, he has hit up Hilton Head, SC, Asheville, NC , and Lake Tahoe, CA.
Past Winners and Their Stories
The most exciting part of the HGTV Dream Home Giveaway is talking to past winners. And that does sound like a dream come true, but not everyone who wins keeps the house.
Do Winners Keep the Home?
Many winners end up selling the house instead of living in it. Why? Taxes and ongoing maintenance costs are the biggest issues.
What Happens After Winning?
- Winners pay federal and state income taxes on the amount of the total prize.
- The tax will range from $500,000 to more than $1 million depending on the choice of prize package.
- Somwinnersrs home immediately to pay the taxes.
Real Stories from Past Winners
- Emily Muniz (2018 winner) sold her house in a few months.
- Mary Roberts (winner 2019) chose to take the cash prize, not the home.
- Brian Patrick Flynn (2019 winner) still owns the home but had to make major financial sacrifices.
Tax Implications and Hidden Costs
Winning the HGTV Dream Home is not entirely free. There are various monetary aspects to discuss.
Taxes on the Prize
- That prize’s total value is reported as income to the IRS.
- Winners are required to pay federal and state taxes, which could be 30-40% of the total value of the prize.
- So, for example, if the home, car, and cash totals $2.5 million, the winner could owe about $750,000 – $1 million in taxes.
Property Maintenance Costs
- Especially if the home is in a pricey place, property taxes can be steep.
- Monthly homeowners association fees, utility bills, and insurance are extra expenses.
Selling the Home
Many winners decide to sell the house and take the cash instead. (That’s what HGTV permits, but first, the winner has to legally take ownership of the home before they can sell it.)
Tips to Increase Your Chances of Winning
While millions enter the HGTV Dream Home Giveaway, there are things you can do that may increase your odds.
Enter Daily
Because you get two entries a day (one on HGTV and one on a partner site), be sure to enter every single day of the contest period.
Avoid Scams
HGTV does not call or email winners before the official announcement. If asking you for money or personal information saying you’ve won, you have a scam on your hands.
Stay Updated
Sign up for HGTV’s newsletter or check in at the official website to learn about the next Dream Home Giveaway.
HGTV Dream Home vs. Other HGTV Giveaways
HGTV hosts several house giveaways each year. Here’s how the Dream Home stacks up:
| Giveaway | Prize | Entry Limit |
|---|---|---|
| Dream Home Giveaway | Luxury home + cash + car | Twice per day |
| Smart Home Giveaway | High-tech smart home + cash | Once per day |
| Urban Oasis Giveaway | City apartment or home + cash | Once per day |
Each giveaway has its unique aspects, but the Dream Home Giveaway is the largest in overall value.
How HGTV Selects the Home
Have you ever wondered how the location of the HGTV Dream Home is chosen? Here’s the process:
- The ideal location: HGTV hand-picks beautiful locations based on beauty, marketability, and livability.
- Designing the Home: A team of designers and architects from HGTV join forces to construct a stylish, fully furnished dwelling.
- Sponsorships & Partnerships: Sponsored by companies such as Gerry, Wayfair, Sherwin-Williams
- The Big Reveal: Unique to HGTV, a special episode features the house before crowning a winner.
Conclusion
Though the HGTV Dream Home Giveaway can be an exciting prospect, winners of the homes should have an idea of the financial obligations that come with the properties. Winning a multi-million dollar home sounds exciting, but the taxes and upkeep can be daunting.
It is worth it to enter if you can risk it and prepare appropriately! You never know if you could be the next lucky winner of the HGTV Dream Home Giveaway!
