Menu Close

How to Know Your Budget

        Of course everyone should know there budget and what they can afford right?  Well to be sure, we highly recommend getting on board with our preferred lender Fleetwood Bank.  Fleetwood Bank has partnered with Welbilt Homes for many years.  Our partners at Fleetwood Bank are people that understand the industry and necessitate what it takes to help people afford their dream homes! 

I always tell our clients when I either meet or speak with them, “let’s together work out your budget and work your numbers actually backwards!”  

Many times clients come in with dream plans from magazines and many times these plans are not economical to build or affordable, and it’s hard to reveal to them that this house is just either not in their budget, or not affordable to build.  There are times too when a client will have gone to a home designer or architect for years putting their dreams to paper only to find out that the home designer/architect did not have a conscious when it came to their budget.  

Our first recommendation is to make a list of the “must haves” whether it is the number of bedrooms you need, the number of bathrooms that you need, garage sizes, one or two car or more, attached or detached.  Then what is your preference in home design maybe, is a one story or a two story.   Secondly, know your budget.  If you do not know your budget contact our partners at Fleetwood Bank and get yourself prequalified.  That way you know exactly where your are.  There is nothing more frustrating to our clients when they get their hearts set on a particular model and amenities to only find out that it is totally out of their budget, or that they could’ve picked another model that may have been larger to suit their families needs and they then have to start the whole process over again trying to find another plan.  It is better to know what you can afford first!! 

Below I will outline how I like to work a clients budgetary numbers: 

The numbers portrayed are only for example:

  1. What is your total budget (not including land) $300,000.00
  2. Lot improvement costs*                             Less    $  60,000.00
  3. Basic option package**                               Less    $  30,000.00
    Total budgetary base price:                                    $210,000.00                                               

$210,000.00.  This is your “budgetary” number to start reviewing our brochure with.  Look for models that cost no more than $210,000.00  Using this method has been proven to not frustrate our clients.  Of course the more that you would want to spend on options would decrease the total budgetary base model price.  Of course after a site visit to your lot we will be able to better determine lot improvement costs which may also increase your possible options or make available a broader range of  selecting a home with a base price of more than $210,000.00  but at least this is a very good guide to determine what you can afford.  

As always we invite you to reach out to our Sales Team.  We are here to help you all along the way.

*Lot improvement costs: Dig out of basement, back-fill of basement, stone in of basement, gravel driveway and parking area, clearing of trees, utility trenching, well trenching, septic system, well and pump and rough final grade.  (These numbers are for an example only.  Costs will need to be determined when a Welbilt Homes Representative meets you on your lot)  

**Basic option package.  This number is purely for an example to be able to get the client into a budgetary number.  All options are available and are limitless.  This is purely for the strategy purposes at this time.