How do the people on (the TV show) Extreme Makeover Home Edition afford their new homes?
Aug 29th, 2008 by admin
I mean, every home owner would agree that paying for a house is one thing, affording it another. If someone would make my house three times larger, add a huge garage and put extensive landscaping in, wow… I would have to get a second job just to maintain it. The electricity bill alone would send me to brokeville. Am I the only one thinking this way?
You know I've wondered the same thing myself. I agree that they are receiving an enormous gift, however, how do you pay a heating bill on a 3000 square foot home when last week you couldn't afford to fix a leaky roof???
You and I are on the same page on this one!!!
Good point. The real estate taxes would probably increase also.
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You know I've wondered the same thing myself. I agree that they are receiving an enormous gift, however, how do you pay a heating bill on a 3000 square foot home when last week you couldn't afford to fix a leaky roof???
You and I are on the same page on this one!!!
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If you notice, a lot of times on that show the people who build the house also pay off the mortgage, so they don't have to pay anymore on the house itself, so whatever they were putting towards the mortgage they can put towards the electric bill, land tax, etc. Sometimes they even pay all the bills for a lifetime on that show which is cool, but very rare…I think i've only seen 2 or 3 people get that one.
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You forgot to mention the huge increase in property tax as well !
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Under ordinary circumstances, I would agree. The utilities alone would eat up most anyone's disposable income. But, the "needy" people for whom they do these rennovations receive incredible donations and assistance which they probably apply to their increased operating costs.
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30 years experience in interior design and donating
An excellent question, I've heard that they also get taxed as it's a gift and they are not technically paying for the renovations.
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So glad to hear that someone else echoes this same thought as I have had. We've often thought about what happens and how do they deal with the sudden jump of property taxes, electric bill and all other costs associated with going from a shanty one-room shack to a $300,000 house.
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The people who build the house, like the company who donated workers and lumber all of that will usually pay for the whole house, so the people will not have a house payment. And on some shows I have seen some companies will pay for the utilities for like 10 years. When the show was close to where I live, a local bank was taking donations to help the family pay for some of the yearly expenses. So as far as I can tell the people don't have to worry, but I have seen some shows where the people seem like the could afford it.
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I think you're missing the point. The show often pays off any existing mortgage, and the new owners get the new house completely free. Going from a mortgage payment to just a slightly higher electric bill is a great deal for these people
Their property taxes often go up quite a bit too, but again with no mortgage payment, it's a lot easier to handle the extra cost!
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the team helps them by paying some of their taxes for them, there is a lot to getting a new house then you would think of…and this is one of them…i remember hearing that on one of the shows.
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