Buying a New Home? Use This Checklist to Ensure Your Finances Are in Order

Buying a home is a significant expense. It doesn’t matter whether you’re a first-time buyer or have experience. Unless you have a large pile of cash, you’ll need to ensure your finances are in order before closing. In this post we’ll explore four financial items you’ll want to check off before buying a new home.

Figure Out Your Current Monthly Budget

First, you’re going to want to sort out your monthly budget. If you’ve never done a budget before, start with something basic. Open up a spreadsheet or take out a piece of paper. Make two columns: ‘income’ and ‘expenses’. Fill in each column with the amounts that you make or spend each month. Bank, credit card and other statements can help with this process. It’s a good idea to go back at least 3 months to ensure you’re capturing your true spending.

Make A Debt Management Plan

Do you have any debts? If so, you’ll want to make a plan for how you’re going to manage these when you buy a new home. For example, you may have a car payment, student loans, a line of credit or credit card debt. Write down your debts, how much you owe and when payments are due. If any debts are due monthly, make sure you include those in your budget.

Keep in mind that your outstanding debts may impact your ability to borrow for a mortgage as well. If you plan on taking out a mortgage to pay for your new home, it’s best to get your debts figured out beforehand.

Understand All Your Real Estate Costs

Next, you’ll want to determine what all your real estate costs are going to be. If you’re not yet close to the bidding or closing process, this might be a bit challenging. But ask your real estate agent for a breakdown of what you can expect to pay for a home in your price range.

Set Up An Emergency Savings Cushion

Finally, you’ll want to set up a financial cushion in case of emergencies. It’s not much fun to think about, but losing a job or having a health event is possible. Most financial experts recommend having at least six months of expenses saved up. Of course, this is always easier said than done. What’s important is that you have at least some cash tucked away, just in case. If you can, save a bit extra each month or from each pay check and add to this emergency fund.

When you’re ready to buy a new home, a licensed real estate agent is your best bet for success. Give me a call today and learn more about how affordable a new home in your community will be!  J.P. Cook – 602-320-4253.

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2101 E Oak Street Phoenix, AZ 85006

$465,000

3 Beds

2 Baths

1,188 SqFt

Status Active

MLS # 6679967

Property Type Single Family Residence

Price Type --

Exquisitely remodeled from top to bottom. This modern home boasts 3BR, 2BA, and an array of upgrades. This home features a new kitchen with plenty of cabinet space, Quartz Countertops. Nicely done Bathrooms, some new plumbing and electrical, New Roof, New Windows, New AC, Fresh Paint inside and out, and more. Entertain effortlessly in the backyard oasis featuring a sparkling pool and RV gate for added convenience. Desirable location, close to everything. Immediate access to freeways, minutes from Sky Harbor Airport and Downtown Phoenix. No HOA. Don't miss this opportunity!

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1502 E Garfield Street Phoenix, AZ 85006

$465,000

3 Beds

2 Baths

1,032 SqFt

Status Active

MLS # 6685102

Property Type Single Family Residence

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Beautifully updated 3 bed-2 bath home on spacious lot in Historic Garfield. Walk to vibrant downtown Phoenix restaurants, art, festivals, and more! Natural light floods all rooms creating bright + airy ambience. Home has an open floor plan with high ceilings, split bedrooms, indoor laundry, + all new luxury vinyl plank flooring. Kitchen has freshly painted cabinets, quartz counters, + ss appliances. You can live in an adorable historic home w/ all the modern conveniences. Low maintenance desert landscaping in front. Large backyard provides option for casita or office space for those who WFH. 2016 - roof replaced, HVAC replaced, new Pella windows, updated bathrooms & kitchen. 2024 - all flooring + baseboards replaced, all fresh interior paint, and more. This home is an absolute gem!

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1925 W Joan De Arc Avenue Phoenix, AZ 85029

$465,000

4 Beds

2 Baths

1,898 SqFt

Status Active

MLS # 6675275

Property Type Single Family Residence

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Sit under the covered patio and enjoy mountain views from your backyard in this energy-efficient home conveniently located to elem school, parks, golf, gorgeous Moon Valley hiking. Fresh paint, new carpet, dbl-pane windows/sliding door. 16-seer HVAC system, incld ductwork inspected and cleaned for your convenience. 4 bdrms pls room off kitchen for office or pantry, gas range with dual ovens, newer dishwasher, Corian countertops, integrated sink. Outside has Tex-Coat cool wall heat reflective coating and a 50yr rated, heat-reflective roof (2011). Other systems replaced: bathroom underground flex pipe, laundry room/kitchen sewer line, thick blown-in insulation in attic, which has extra storage build-outs. Oversized yard with RV gate to store the big toys. Beautiful 50yr-shingle roof.

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129 S 82nd Way Mesa, AZ 85208

$465,000

4 Beds

2 Baths

1,994 SqFt

Status Active

MLS # 6678829

Property Type Single Family Residence

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Welcome to this beautiful 2017 home featuring a wonderful floorplan with a split master bedroom and large kitchen with plenty of cabinets and walk in pantry. Exterior of home was recently triple coat painted and has a large RV gate, 30 amp RV plug, and 20x20 storage shed in backyard. House has water filtration system and softener and is solar financed with a $39,000 balance. You will love the vaulted ceilings in the family room and plenty of windows for lots of natural light coming in. Water heater is only 2 years old and the attic and walls are double insulated. Much pride of ownership in this fantastic home just waiting to become YOUR home next with no HOA.

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