HGTV's David Bromstad talks luxury real estate and dream homes

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David Bromstad, host of HGTV's 'My Lottery Dream Home', has one of the coolest jobs in the world.

David gets to turn fantasies into reality every day as he takes recent lottery winners on over-the-top house hunts for their dream homes. He shows the lucky winners a full range of houses before they jump headfirst into the luxury real estate market, all while giving insider tips on how to budget and plan for a future with their new funds.

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David told AOL what it's like being a part of a recent winner's incredible journey, revealed the most popular and extravagant purchases on the show, and shared the details of his own personal 'dream home'.

Check out our full conversation with David Bromstad in the slideshow below:
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HGTV's David Bromstad talks luxury real estate and dream homes
1. What is your favorite part about being the host of HGTV’s My Lottery Dream Home?
It is such an amazing experience to be a part of this. I mean, you are meeting these incredible people whose lives changed instantly in one day. It's so exciting. Let’s be honest, we always dream of buying that lottery ticket and fantasize about what we would do if we hit the big one. To meet these lucky winners and to see how they are living their dreams is simply AMAZING! 
2. What does a ‘dream home’ mean to you?
A dream home means something different to everyone as we all dream in different ways. For me, a dream home contains everything in life you’ve always wanted but couldn't afford, and within reason. It would include all the amenities and lavish interior design I envision.  A dream home doesn't have to be millions of dollars. It's a home that makes you feel happy, content and completely satisfied.   
3. What are the most popular locations for dream homes?
With all of the fantastic people I have met, every one of the dream homes were chosen in a location close to their family. I was actually pleasantly surprised.    
5. What are the most common pre-requisites you hear? i.e. a pool, a big yard/kitchen?
Almost always,  It's the number of bedrooms, upgraded fabulous kitchens, number of bathrooms, and always open flowing floor plans. Surprisingly, pools were not on the top of the list.
4. What is the most expensive home you’ve found? The most extravagant home?
The most expensive was $5,800,000.00. The most fabulous part is that they decided to by the entire surrounding mountain including a Bison ranch at the base. How is that for extravagance! Can You Imagine? "I think I will buy a mountain today.” How FUN!
6. What items do you think are worth splurging on?
If you are going to splurge, you definitely want to be in an area that compliments the home you are living in. Location is a huge part of splurging. As far as items, flooring, appliances, cabinets, unique hardware, fabulous fixtures, decor, lighting and home technology are all worth splurging on.   
7. What is the biggest mistake you most commonly see with lottery winners?
New winners tend to go crazy on spending when they first win. It's normal. It's like being given a credit card with no limit, but you have to remember, eventually the bill will come. We always regret many of the things we buy at the end of the month. Same principal applies to lottery winners. 
8. How do you recommend balancing splurging vs. saving your winnings?
Don’t purchase a 5 million dollar home when winning 2 million in the lottery. Maintain a budget and plan on your future. You don't want to be broke and bankrupt in a matter of years. Consult and spend money on a financial advisor if you are unsure.   
9. What is your dream home?
My dream home would definitely be a home on water, At least 4 thousand square feet with a  bay or ocean view in Miami Beach. It would be a 5 bedroom with 6 full bathrooms. An over the top saltwater pool and spa with a cabana house that would also be a guest house for friends and family. It would have a gym with all the bells and whistles. Definitely a smart home that's environmentally friendly and decorated by ME with every fabulous element my mind could possibly dream of.
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David also gave insight into the best ways to begin the process of purchasing a luxury home. Check out his 5 tips here:

1. Do your research: Check out the market online to get an idea of what you do and do not want. Realty companies get the majority of their business through the Internet.
2. Get a qualified broker: Find the broker who is doing the most sales in luxury real estate in your desired location. Then, let that person find houses for you and show you the best value in town.
3. Get a pre-approval record: Everyone should have a pre-approval letter. Remember that a letter from the bank doesn't ensure you'll be approved for a mortgage, but it puts the seller's mind at ease if they take their home off the market to go under contract with you.
4. Be ready to divulge details about yourself: Be prepared to be asked a few appropriate questions about what you do for a living, and other assets they have that would help qualify you to purchase a luxury home. Some sellers require a letter from an accountant and a bank statement to show that a potential buyer is qualified to purchase their home and as a proof of down payment.
5. Take a mortgage: Taking a mortgage is wise when you're going to have the house for a while. Paying cash is great when you are flipping the house.

'My Lottery Dream Home' airs Fridays at 11pm ET/PT on HGTV. ​

RELATED: See photos of David Bromstad
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HGTV's David Bromstad talks luxury real estate and dream homes
Chillin in my fun shirt from @restforthewickedus check out the fabulous apparel and accessories at http://restforthewicked.us
Just finished a #sweaty #workout! Gotta get back into shape! Lost 10lbs in a month. Just need my #muscles back and they are comin! #homegym #gym
Jack sparrow anyone? ;)
At the #dentist office getting my pearly whites cleaned!! #excited but #terrified!
Texas here I come! Taking off to film another episode of #mylotterydreamhome. Supposed to be a very bumpy flight! Ahhhhh!
Being #weird and #fun at the last day of our shoot. #jacksonville #beach #sweaty thank #God for #makeup #artist #lanareiss
I always buy a hat whatever new city I am in! I've been to #Dallas many times but this is my first hat! #WDYT?
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