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If you do happen to win the Green Home near Atlanta, how will you pay for the taxes? Depending on which state you live in, taxes could be from $225,000 to over $300,000.

I guess some could or would sell their current home and use that money to pay for the taxes, but what if you don't own the home, if you rent? This would be a large amount of money to come up with at tax time.

Most people who win these Dream/Green homes sell them. There's even a realtor's sign along with the architect's at the site of this home as a "hint" that you can use them to sell it if you win. The estimated value of the home, cash prize, and car is around $800,000. In today's market you could probably get around $500-$550,000 for this furnished home. It's in a more rural area an hour South of Atlanta, so taxes will be less than if you were in the City, FYI. It's location is very calming, but if someone had to keep a job (most of us) it will actually work against reselling it. Atlanta traffic is among the worst in the country and on a good day this is an hour out from the City - bad traffic day... well.... UGH.

I'm pretty sure Serenbe probably has some very strict covenants against people renting their homes out, too. They're EXTREMELY strict about how/what/why/etc in terms of building there. I only slightly overheard one conversation while there from a man who has a home under construction there who's renting, and it almost sounds like maybe they have some condo units in the village area people can rent if they're building homes there - but not as permanent renters.

In other words, if you can't afford to keep the house up (which most of us can't), expect to sell it and then use the money you get to build a downsized version of it somewhere where you can afford it.

This message has been edited. Last edited by: Greg 30127,

I believe the cash option of $400,000 to be a good one. Actually it is $500,000, with the inclusion of the prize's $100,000. The market is wobbly still.
Paying fed rate of 35% (39% if tax cuts are revoked) plus the greater of:
your own state tax rate or Georgia's (about 4.63%)
plus insurances, property tax, utilities, assoc fees, minus the 100K cash, one still has, as jessup states below, a chunk to borrow.

This message has been edited. Last edited by: TangoW,

The 'Rules' mentions that the tax value of the grand prize is $788,535 if the house is selected and $538,535 if the $400,000 cash option is selected. So, bottom line, you receive $250,000 less if you want the money. But if you selected the money in lieu of the house, taxes would be easier to pay.

I guess if one decided to take the house, a mortgage could be taken out to pay the taxes and this would give you future tax deductions too.

Thanks, jessup.
Welcome to MB.

The options would be interesting, but i really like this home.

I think taking out a mortgage to pay for the house is a great idea. Who owns a house with out a mortgage anyway? even if it was free...lol. I love this house. I think I would keep it and figure out a way to afford it. To me this house seems like it's worth more than 400,000, but of course I'm from San Diego so everything here is way more expensive. I love this house.

i agree - if i won - i would try and find a way to keep it - what are the yearly taxes on property ? it would be a shame if you won a house and had to give it up. there must be a way if someone wins - they can get help to pay the steep charges of the taxes.... (hint hint) - maybe some big corporation can make a donation/gift to the winner? (suggestion suggestion...)

Purified water, a person owns a home without a mortgage if they have paid it off. Welcome neighbor, I am just up the 5 from you.

It would be extremely exciting to win this home. It looks like a neat community!

I'd unfortunately have to sell it or take the cash option. Atlanta traffic is infamous, and while I can get to this house in an hour at 10am on a Sunday (as when I went down to tour it), you can pretty much double that time almost during weekday rush hours if you have to work (which I am among those who do have to do so to survive).

It's also in a pretty remote location in the South metro area. Serenbe itself has pretty much a lot of the thing you might need day-to-day, but eventually you are going to have to go to a Costco or a decent mall or something like that - and the South side of Atlanta is, well, "not so nice"... you'd have to pretty much drive through that area, into the City or beyond in the Northern suburbs to hit the nicer shopping areas for the most part. There is another planned town on the Southside called Peachtree City, and as one Realtor described it to me once, it is "A beautiful deserted island surrounded by a sea of Great White Sharks". Serenbe isn't exactly right up against the Sharks, but it's close enough that this is the reason the home's value is relatively low for what you get - had this home been located on the North metro side of Atlanta, it would easily have cost twice as much.

thanks for the info

I'm not sure if I'd take the house or the cash option. Both would be doable, but would be dependant on whether I could sell my present house. I really love the looks of the green home, as well as all the "green" features. : ) Good luck, everyone!!

i don't know what i would do - but only 2 days left ! good luck everyone! best wishes to the winner of this home!

Wow! I have never particpated in on-line conversations like this...very informative. I live in the Southwest and grew up here. I scared myself after I entered this contest (one time) and THEN looked at the area. I will contratulate the person how wins this home and hope it isn't me.

I will congratulate the winner!

If i win I would excitedly look forward to winners weekend to get an up close and personnal.

HGTV has offered some of the best ideas and prizes anywhere on the Net.
It seems that's what it's all about.
(Unless you do the Hokey Pokey) :>)

Good luck, MBers.
And good luck, HGTV. It's always a pleasant trip.

I'd take the cash but I'd trully enjoy the winners weekend and touring the house and area. I love Colorado and feel I live in paradise and don't want to move but I love the HGTV contests. I agree with Tango, they are the best around. I tried to win the Dream House in WinterPark, Colorado and also the Green Home last year in Stapleton. That one I got to tour and I really enjoyed it. Proud two of HGTV's homes have been in Colorado. Best of luck to this year's Green Home winner, it's a beauty!

It's finished. So, let's eat something green...
how about spinach?
If you win, why not wear somethin' green?
Guys: a green tie with lots'a sheen
Gals: Do you suppose green suede shoes would be "right keen"?
Now, as for the cash, don't do somethin' rash,
like an ice cream social bash.
Just real quiet like, back the Jimmy
right close to the Green Home and say,
"I'll take all you can gimme. Green, that is." :>)

Be available the third week of June!

This message has been edited. Last edited by: TangoW,

I Love this house, but if I won, I would have to take the cash. Then I would sell my current house and buy a new home on a piece of land somewhere. I wish they would hurry up and knock on my door already.

Hi

I believe the cash option of $400,000 to be a good one. Actually it is $500,000, with the inclusion of the prize's $100,000. The market is wobbly still.

hey this is to anybody who knows im wanting to sign up for the 2013 dream home but i live with me and my husband and im 18 and he is 21 can i still do the sweepstakes or do u just have to be 21 i mean come on im feaking married and on my own i ant no kid lol any advice will be great thanks

You have to be 21!

I hope the winners get to keep the home and can live there as it is such a neat place and community. I really love the Georgia dream home and think I would have moved in.