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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25945 N 53rd Drive Phoenix, AZ 85083

$459,000

3 Beds

2.5 Baths

1,719 SqFt

Status Active

MLS # 6691548

Property Type Single Family Residence

Price Type --

Welcome home to the exclusive gated community of Inspiration inside of Stetson Valley. With 360* Mountain Views, Community Pool, grassy green common areas, near Deem Hills recreation area. This home has recently been completely updated. Gorgeous brand new white shaker cabinets with gold hardware, stainless steel appliances, new luxury vinyl flooring, fresh neutral paint all throughout. Primary ensuite features separate shower and garden tub, private toilet room, and gigantic walk in closet. Loft was enclosed to make an office or small private 4th bedroom. HVAC system completely replaced with 10 year warranty. Owned Solar will transfer to new owner free and clear at COE. Brand New Water heater in 2022. Garage has epoxy Floor and is pre-wired for EV car charger. OWNER AGENT

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2252 W Kiowa Circle Mesa, AZ 85202

New

$459,000

2 Beds

2 Baths

1,748 SqFt

Status Active

MLS # 6692763

Property Type Single Family Residence

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Check out this charming 2-bedroom home! Be greeted by a 2-car garage, low-maintenance front yard, & pleasant porch. Inside, discover vaulted ceilings & carpet flooring in all the right places. The sunken living room has a built-in fireplace to keep you warm during winter & a sliding door to the backyard to keep the area cool during summer. The dining area features laminated wood flooring. The eat-in kitchen features built-in appliances, wood cabinets w/crown mouldings, a pantry, granite counters& a breakfast nook. The main bedroom has backyard access & an ensuite with dual sinks, sit-down shower, & walk-in closet. The well-sized backyard enjoys a relaxing covered patio, flagged stone pathways, & mature landscaping. Don't miss this opportunity!

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8421 N 59th Avenue Glendale, AZ 85302

New

$459,000

4 Beds

2 Baths

2,636 SqFt

Status Active

MLS # 6693195

Property Type Single Family Residence

Price Type --

Looking for a place to call home in the valley? Look no further than this classic charmer! You'll have ample space on this giant ranch-style lot, starting with a stylish semi-circle driveway. Step inside to a wonderful split floorplan. The home features an updated kitchen and accessible bathroom. Rest easy as this home also includes wired security cameras that convey! Did I mention space? This giant backyard is a true gem. Plus NO HOA! To top it off this home has a must see 500+ sqft sunroom addition. Come check this home out, you'll want to make it yours!

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7650 E Edgewood Avenue Mesa, AZ 85208

$459,000

2 Beds

2 Baths

1,584 SqFt

Status Active

MLS # 6688997

Property Type Single Family Residence

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Fantastic Ranch Home in Fountain of the Sun, a 55+ Community. Move-in Ready, 2 bed, 2 bath home with a private, gated, backyard pool. Updates include refaced kitchen cabinets, quartz countertops and all new LG kitchen appliances 2023. Large owner's bedroom suite, French door entry, updated bath, new vanity & walk-in closet. Guest bedroom has a new Murphy-style wall bed unit that converts to a desk ($7k) and a walk-in closet. High-quality window shutters throughout the entire home. Beautiful, private backyard with heated salt-water pool, new pump & salt cell in 2019. Newer roof & outside paint. Enjoy all the Fountain of the Sun amenities including pickle ball, bocce ball, a dog park and much more. The 18-hole executive golf course & country club make this a very special place to live.

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