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What happens if a poor person WINS a house ?
Because surely they won't be able to afford to run it and pay for any house taxes ?
31 Answers
- Anonymous1 month ago
property tax on a CHEAP house in my area is about $7000. ...10K is more typical for an lower cost house (about 300K purchase)....many are more than that...
- Anonymous1 month ago
Many HGTV winners of a home are unable to even affordthe taxes, so they sell the property as soon as they can.
I believe of all thosewinners only ONE person still has the home they won.
Owning a home does not mean you are home- free. There are property taxes and maintense fees that can amount to enough money that cannot be afforded.
If a poor person or someone without theincow to afford owning a home wins a home, theyshould be wise and sell it right away to buy a house they can easily afford.
I am not poor, but my income could not easily aford a half million dollar home in my corner of the worId. As it is, my taxes are pushing 7 grand a year!
- Anonymous1 month ago
If they save up prepare to pay taxes they might be okay.
If they have no mortgage they don't really have a lot of expenses unless the utilities cost a lot of it's oil heating. Well, all of it might be the same as an apartment
I think they would figure it out
- ?Lv 71 month ago
They sell it if they can't afford taxes and maintenance.
They are no longer paying for rent.
- Christin KLv 71 month ago
That's exactly right--if someone wins a house, they are going to have to pay not ONLY the maintenance, taxes and insurance on it, but also the tax on the value of the winnings. It makes those winnings a lot less desirable--but that's not why people enter contests or games to win things--it's the thrill of the win they seek, not the practicality of what will happen if they DO win. Look at the huge number of lottery winners who are now broke because they assumed they were going to be wealthy--they did not figure the taxes into the equation, OR the spending. They only saw that end result--the win.
- babyboomer1001Lv 71 month ago
If they don't pay for the upkeep and taxes, then it will be foreclosed upon and they will be evicted.
- 1 month ago
None has won a house yet. Hud housing were government help people pay for the houses are the only free program available as far as I know.
- Jeff DLv 71 month ago
The taxes and upkeep shouldn't be more than what they're paying now for rent; but they can always sell the house and invest the proceeds (or spend it on drugs, alcohol and gambling).
- Anonymous1 month ago
They sell it and use some of the proceeds to pay the tax they owe.
Or they could rent it out and use the rental income to pay the taxes, insurance and maintenance (but they'd have to have enough cash flow to also pay the tax they owe on the winnings).