So, here in my city, about twice a year, there are raffles to win a nice house/mansion. The charities are very reputable - the raffle tickets are expensive ($150 per). The grand prize is always some beautiful house worth over $1,000,000 (the most recent one is listed at $2,200,000). They also offer a lesser cash alternative. And there are multiple lower denomination prizes, cars, cash, etc. The raffle states they will only sell 35,000 tickets, and 1 in 10 tickets will win some prize.
OK, sounds good, maybe I’ll pony up, yah? If I win, I move in to a mansion! Woo to the hoo! Right?
…not so fast…if I do get this house, I gotta pay something eventually…income tax on the winnings?..property taxes? Whaaa:confused:?? And property insurance, and utilities, and upkeep…
Here’s my question - Could I even afford to live in this free house? I’m not an accountant, or real estate whiz, can someone jump in here with back-of-the-napkin numbers as to what a typical free $2,200,000 house would really cost?