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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11489 W Deanne Drive Youngtown, AZ 85363

$459,900

3 Beds

2 Baths

1,795 SqFt

Status Active

MLS # 6683451

Property Type Single Family Residence

Price Type --

3 bedrooms, 2 bath, and all of the space you could imagine makes this floor plan the perfect home for you! This new home comes filled with upgrades including a full suite, stainless steel energy-efficient kitchen appliances, beautiful granite countertops, stunning wood cabinets, designer light fixtures, and an attached two-car garage. The Prescott floor plan also showcases a private master suite complete with a walk-in closet, as well as a spacious kitchen with walk-in pantry, fully fenced backyard, covered patio and front yard landscaping. As an added bonus, this home has a separate den off the entryway, giving you space for a formal dining room or home office. Whatever your heart desires, the Prescott is sure to have it! Enjoy the view of the White Tank Mountains from your NEW home!

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3005 E Portland Street Phoenix, AZ 85008

$459,900

3 Beds

2 Baths

1,905 SqFt

Status Active

MLS # 6671604

Property Type Single Family Residence

Price Type --

Brand new roof! This remodeled property near a freeway in Phoenix offers a combination of modern upgrades, convenient access, and a desirable location. New cabinets, new paint inside and out, new bathrooms, new fans, new windows, etc. A perfect home for you!

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5739 N Thornberry Drive Prescott Valley, AZ 86314

$459,900

3 Beds

2 Baths

1,438 SqFt

Status Active

MLS # 6679725

Property Type Single Family Residence

Price Type --

Much desired Granville master planned community. Subdivision amenities: 3 pools/ clubhouses, fitness centers, library, tennis/pickle ball, dog park, and more. 10' ceilings, corner lot with private backyard. Upgraded front and rear landscaping with artificial grass. Seller design finishes when built (2017) are top notch in this upgraded home, including: *Granite counter kitchen and bathroom cabinets. *Extended length & width epoxy floored garage (20k builder upgrade) w/garage windows & multi temp LED lighting. *Vessel sinks in bathrooms. *High end front security door. *Custom window coverings, patio door sliding panels & recently painted exterior. *18'' Travertino tile & designer carpeting (bedrooms). 3rd Bedroom set up as a den/flex space, can be converted back as bedroom w/closet.

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14207 N 51st Drive Glendale, AZ 85306

$459,900

4 Beds

2 Baths

1,980 SqFt

Status Active

MLS # 6682072

Property Type Single Family Residence

Price Type --

Welcome to this lovely 4-bedroom, 2-bathroom home that boasts a 2-car garage and an RV gate. This home features new floors, a fully remodeled kitchen, and updated bathrooms, all completed in 2024. The roof, windows and A/C were all replaced in 2022, so there's no need to worry about any major repairs. The best part? There's no HOA, giving you the freedom to enjoy your home as you please. This property is conveniently located near shopping centers and freeways. All that's left to do is move in and make it your own!

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