HGTV Dream Home: 10 Things You Need To Know About The 2016 Giveaway (PHOTOS)

For almost 20 years now, HGTV has been giving its viewers a chance to win the home of their dreams with its Dream Home sweepstakes. Every year since 1997, the home, garden and DIY network begins the highly anticipated contest on Jan. 1 with a TV special showing off the fully furnished, custom-built home worth more than $1 million before allowing viewers to enter for a once-in-a-lifetime chance to win.

The 2012 contest drew in more than 81 million entries, and the numbers grow each and every year. Last year's home was a cottage-inspired home located close to the beach in Martha's Vineyard. This past weekend, HGTV finally revealed its 2016 Dream Home to the world. Here's everything you need to know about the beyond gorgeous home that could be yours, if you're lucky!

1. Location

This year's home is located in the vacation destination of Merritt Island, Fla. The home is located on the waterfront and is described by HGTV as a "hidden gem" and a "one-of-a-kind retreat."

2. Why this year was different

For the first time ever, instead of building a brand new home, HGTV decided to remodel an existing one, according to Hooked On Houses. The network took a typical Florida beach house and turned it into this extravagant one-of-a kind retreat, which was inspired by Mediterranean and Caribbean architecture.

3. The designer

Typically, Linda Woodrum helps design the dream homes, but this year HGTV brought on designer Brian Patrick Flynn to do the makeover. "Because I am so nice and it is New Year's Day and you are also very nice, I designed a house that you can possible win and keep," Flynn captioned a photo of one of the rooms on Instagram on Saturday. "Good night, and good luck."

4. The furniture

For the 10th year in a row, Ethan Allen is the primary source of furniture and décor for the Dream Home, according to Furniture Today. Flynn shopped the Ethan Allen Design Center in Manhattan himself to select the furniture, upholstery, window treatments and accessories to turn his vision into a reality. He ended up settling for a cool palette of blue-grays and ivory with a touch of terracotta. The Ethan Allen styles he chose for the home really brought out the breezy and coastal chic vibe.

"The most enjoyable thing for me was having the ability to shop at one place to furnish the entire home," Flynn said. "With Ethan Allen, it was all done in New York City over just two days. That really made the entire process enjoyable and easy."

"We're honored to be furnishing the HGTV Dream Home for the 10th year in a row," Ethan Allen Chairman, President and CEO Farooq Kathwari said. "This is a wonderful partnership for us, and the home is a beautifully designed showcase for our furniture, accessories and art."

5. The layout

The Dream Home is 3,150 square feet and features three bedrooms, three and a half bathrooms, a private pool and a three-car garage, according to Ft. Lauderdale Daily. It takes cues from properties found in the Hamptons and is painted pure white with a soft blue-gray trim for a casual yet elegant appearance.

6. Florida's Dream Home history

This is the fourth time that HGTV has featured its Dream Home in Florida, according to Ft. Lauderdale Daily. The three other Florida homes were in Rosemary Beach in 1999, Mexico Beach in 2003 and Islamorada in 2008.

7. What you get if you win

Besides the nearly flawless home, the prize package also includes a new 2016 GMC Acadia Denali, $250,000 cash provided by national mortgage lender Quicken Loans and a brand new boat.

8. How much the prize is worth

This year's prizes are valued at more than $1.5 million. The sweepstakes is sponsored by Belgard outdoor furniture, Bose sound systems, Bush's Grillin' Beans, Cabinets To Go, Delta shower heads, Ethan Allen furniture, Glidden paint, GMC, JELD-WEN windows and doors, Lumber Liquidators, Pedigree dog food, Quicken Loan, Realtor.com and Trex.

9. How to enter

You can enter twice daily, once at HGTV.com and once at DIYNetwork.com. You must be a U.S. resident and you must be 21 years old or older. The contest will end at 5 p.m. EST on Feb. 18, 2016. For a complete list of the official rules, click here.

10. Most winners end up selling their Dream Home

Most HGTV Dream Home winners actually end up selling it because they cannot afford the taxes, according to About Home. In the end, even though it is worth it to say you won this once-in-a-life time experience and opportunity and to get treated like royalty by HGTV when you do win, the dream often does not last long. The network goes to great lengths to surprise the winners and fly them out to see the home so they can vacation there and enjoy everything it has to offer. Most times, they can even take the designer furnishings and extras like the car and the boats that are awarded, but it's the home itself that can be impossible to live in since the taxes can be so high.

"It is almost magical the first time you get to tour the house," 2002 Dream Home Winner Milton O'Bryant said. "When we arrived in Annapolis we were greeted by a wonderful staff that took care of all of our needs. You will eat the finest foods, visit the area's best attractions and receive numerous gifts and keepsakes."

On the bright side, though, the houses typically sell for millions, so even though you must hand your dream home off to someone else, the lucky winners are usually left with enough money to either renovate their own home or buy a new one.