For the first time in its 20 years of home giveaways, Scripps Networks Interactive is offering a big prize in its own backyard.

On Monday, WBIR 10News got a tour and more information on the HGTV Urban Oasis Giveaway home.

As 10News reported last week, it's a one-story bungalow in North Knoxville's historic Fourth and Gill neighborhood.

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"This is the first home giveaway in Knoxville, yes," said Scripps Networks' Director of Communication Kristin Alm. "We're very excited to bring it home."

The century-old home is getting a complete makeover by Scripps Networks' HGTV. Its 1,850 square-feet of living space includes two bedrooms and two bathrooms.

"As residents of Knoxville at HGTV headquarters, we know what a great city Knoxville is and how up-and-coming and really a fun downtown revitalization is going on," Alm said.

The sweepstakes entry period opens in October, and Alm said HGTV normally makes the giveaway announcement closer to that time.

Since the home is in Scripps Networks' own city of Knoxville, however, "we thought, 'Why keep it a secret?'" she said, "because everybody's going to be very excited."

This will be the Scripps Networks' 50th home giveaway. Its first was with the HGTV Dream Home Giveaway in 1997.

"The more we looked around, the more we saw Knoxville being included on lots of national top 10 lists, like small businesses, best places to retire, best college towns - obviously, and so we just thought, 'How great would it be to have it right here in our backyard?'" Alm said.

Scripps Networks has four annual home giveaways, and this one is part of HGTV's Urban Oasis, which has been around for about eight years.

"We take an older home in a more urban setting and just completely renovate it," Alm said. "It's so special to see something brand new come to life out of something that's so historic in nature."

The home will include a basement, back porch and detached garage.

"Turn-of-the-century, obviously, the homes are large, but they're more compartmentalized. The rooms are a little bit smaller, it's more chopped up, and so we sort of open these homes up and make it more modern-living-friendly, so you're going to see more of an open concept," Alm said, describing the renovation process.

Neighbors in North Knoxville's historic Fourth and Gill neighborhood say they're excited about the renovation.

Renovation is set for completion in late May. Over the summer, HGTV will get video and pictures of the finished product. In September, the network will do a big online reveal, showing off the home.

In October, HGTV will air a one-hour special, and the sweepstakes entry period will start Oct. 2 and stretch through Nov. 22. People can enter twice per day. The grand prize is the home, plus $50,000 provided by Quicken Loans. 

In the past, a number of families who have won HGTV's Dream Home Giveaway have not been able to afford the taxes associated with the prizes.

Given the modest size of the Knoxville home, Alm said, "it seems like it would be more affordable, certainly."

The winner also has the option to take an all-cash prize, instead of the home. That, too, would be taxed.

"Either way, no matter how you go, for the winner - it's a life-changing experience," Alm said.