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

Buying a New Home? Use This Checklist to Ensure Your Finances Are in OrderBuying 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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27780 W Ox Ranch Road Congress, AZ 85332

$25,000,000
5 Beds
4 Baths
2,328 SqFt
Status Active
MLS # 6016821
Property Type Single Family - Detached
Price Type --
The O.X. - Little Horse Ranch is an approximately 95,000 +/- acre ranching operation including the 65,620 +/- acre O.X. farm and ranch including 2,292+/- deeded acres located in the high Sonoran Desert 15 miles North of Wickenburg, AZ and the 29,072 +/- acre Little Horse Ranch located in the pine-covered country along the I-17 freeway beginning 3 miles south of Flagstaff, AZ. The 140-year old O.X. Ranch, which is regarded by many as the finest desert ranch in the Southwest, extends from the town of Congress, AZ, at a 3,000 ft. elevation, to the pine-covered peaks of the Weaver Mountains at almost 6,000 feet. The three perennial streams that converge at the headquarters, together with a spring that produces several hundred gallons of water per minute, a 30ft. water table, and a 13 ACRE LAKE

15860 E Rio Verde Drive Scottsdale, AZ 85262

$19,500,000
4 Beds
8 Baths
8,744 SqFt
Status Active
MLS # 6106214
Property Type Single Family - Detached
Price Type --
A coveted Modern West lifestyle awaits in the glorious Sonoran Desert at MorDo Ranch. Located just minutes from all the amenities Scottsdale has to offer, this 101+ acre horse ranch offers both luxury home living along with superb horse facilities. The main residence, designed after an Argentinian Estancia, displays Kitchell commercial building expertise tailored to a magnificent and welcoming estate home, with open floor plan, private his and her offices, two separate guest suites and intimate entertaining areas. Among the estate grounds are a 10-stall barn, two corrals, and four 5-acre pastures. Closer to the main residence are two managers homes, greenhouse and both pool and tennis court.

10719 E Rimrock Drive Scottsdale, AZ 85255

$18,750,000
6 Beds
8 Baths
13,114 SqFt
Status Active
MLS # 6284795
Property Type Single Family - Detached
Price Type --
Backdropped by the magnificent McDowell Mountains, this incredible Silverleaf estate boasts dramatic views of the vibrant golf course and the twinkling city lights of the Valley below. Designed and built for the most discerning, the home features qualities authentic to a timeless California-style estate with a private gated entrance leading to an extended driveway and grand motor court. Impeccable attention to detail, the finest materials and unparalleled craftsmanship were executed perfectly throughout. Strategically placed on a 9-acre signature homesite is the 13,111 square foot, 6-ensuite bedrooms, 8 bath, timeless home with a detached 1,789 square foot, two-bedroom guest home. The first home built in Silverleaf to achieve LEED certification for energy efficiency.

5021 E Arabian Way Paradise Valley, AZ 85253

$18,500,000
6 Beds
9 Baths
16,083 SqFt
Status Active
MLS # 5826956
Property Type Single Family - Detached
Price Type --
Timeless Classic Elegant Masterpiece! Surround yourself in complete tranquility and luxury on almost 5 spectacular acres enveloped by mountains, lush grounds and magnificent gardens. This prestigious residence has been masterfully remodeled to be one of the finest estates in Paradise Valley. With over 16,000 square feet comprising 6 bedrooms and 9 bathrooms, this exquisite home boasts a stunning grand entrance, soaring uniquely decorated ceilings, large scale rooms with finest architectural features including sophisticated finishes throughout with details sourced the world over and a floorplan that is formal, yet creates a comfortable and inviting ambience. Other luxury amenities include; formal living and dining rooms, family style great room and open chef's kitchen,

8100 N 68th Street Paradise Valley, AZ 85253

$18,000,000
5 Beds
7.5 Baths
17,912 SqFt
Status Active
MLS # 6194320
Property Type Single Family - Detached
Price Type --
This authentic Italian Villa in the heart of Paradise Valley was 10 years in the making. Influcenced by the Getty Villa outside of Rome, the materials and artisans who hand crafted them were imported from Italy to work onsite with meticulous detail, under the supervision of noted designer Juan Sandoval. The living spaces open to a grand loggia surrounding two courtyards of lush beauty, (over 300 rosebushes on the property) transporting one's soul to a different place in time. The architectural precision, quality of workmanship, construction quality, attention to detail is unsurpassed. The 60'x60' hand-tiled mosaic heated salt water pool (150,000 gal.) is a work of art, as is each bedroom suite w/ fireproof walls, all Venetian plastered walls throughout, every bookmatched marble floor.

5800 N Yucca Road Paradise Valley, AZ 85253

$18,000,000
8 Beds
11 Baths
21,379 SqFt
Status Active
MLS # 6222976
Property Type Single Family - Detached
Price Type --
JUST RENOVATED 9/21--new kitchen, oak floors, etc, etc.! 4.62 acres in exclusive Cameldale, with full Camelback Mtn views, is an incredible French-inspired country chateau. A lantern-lined long driveway with hand-built stone wall, expansive lawns, and a Monet lily pond leads to the estate. The compound totals 21,400 sqft and includes 2 guest homes, a 6,500 sqft game house with indoor 1/2 basketball court, gym+ 300 person club rm, bar, kitchen, home theatre + antique fireplace. The beautiful main home has 7 bedrooms including full attached guest quarters, wine rm+ large tasting rm, library, slate roof, 7 car garage + more. The grounds also feature a tennis court, English-built Hartley greenhouse, vegetable garden, citrus grove, rose garden , courtyards+ playhouse with playground.

41927 N Saguaro Forest Drive Scottsdale, AZ 85262

$16,500,000
5 Beds
5.5 Baths
9,860 SqFt
Status Active
MLS # 6012791
Property Type Single Family - Detached
Price Type --
The Bacon House at Desert Mountain is a stunning classically modern 9,860 square foot home, designed by Master of the Southwest Architectural Designer Bob Bacon. This south-facing, five-bedroom, open plan home and gallery will be built in Desert Mountain, a secure, gated, private club and recreation-oriented master planned community in Scottsdale, Arizona. The capstone of a storied career, Bacon has created a true masterpiece of livable architectural art destined to be one of the finest homes anywhere; replete with the most advanced technology (including being solar powered) and 5,550 SF of climate-controlled collector's galleries for the safe display of prized possessions such as automobiles, art, or sculpture. A Bacon curated collection of furnishings is also available separately.

20936 N 109th Place Scottsdale, AZ 85255

$14,500,000
6 Beds
11 Baths
16,976 SqFt
Status Active
MLS # 6202608
Property Type Single Family - Detached
Price Type --
Never before listed! This magnificent private estate awaits a most discerning owner! Situated behind its own private gates on nearly 3 acres within the guard-gated Upper Canyon of Silverleaf. Sophisticated 16,000+ sq ft. custom luxury retreat offers 3 full en-suite master bedrooms each with washer/dryer and safe rooms attached. Two separate guest suites above the garage. An additional 3 offices, 2 of which can be converted to en-suite bedrooms for a possible total of 8 bedrooms and 11 bathrooms. Multiple living and entertaining areas including a fully equipped state-of-the-art theater room. Spacious chef's kitchen with double islands and exceptional custom crafted cabinets. Beautiful, gated motor court with six garages....

6659 E Indian Bend Road Paradise Valley, AZ 85253

$14,000,000
7 Beds
15 Baths
26,393 SqFt
Status Active
MLS # 6174692
Property Type Single Family - Detached
Price Type --
Infrequent discovery: Save several years in construction phase and NEW construction built cost (offered under $500 per sqft, this level construction, New is trading $1,500+ SQFT). This Ultimate Guard Gated Estate assures security and privacy. Homes commercial (concrete and steel) grade construction is under way and can be personalized to your taste if you act now! The home can accommodate parking for 20 of your most special car collection or use this space as your ball room/event center. Its generous size, bank grade vault can store your Art, Jewelry or garments. In your spare time, you may find your self lounging by its front courtyard's reflecting pool, its back yard's pool or your indoor pool/spa area. Your wine tasting room can be within the wine cellar or intimately outdoors.

6121 N Nauni Valley Drive Paradise Valley, AZ 85253

$14,000,000
4 Beds
4.5 Baths
6,200 SqFt
Status Active
MLS # 6233019
Property Type Single Family - Detached
Price Type --
From what began as an appeal and vision to create the most alluring home in Arizona's highly sought-after Paradise Valley, Dancing Light came into being, a triumph in contemporary residential architecture that truly reflects the spirit of its natural surroundings. A sprawling 2.8 acres contains two stunning residences, with the main house and guest house consisting of 3 bedrooms and 3 1/2 baths, and 1 bedroom and 1 bath, respectively. Prepare for moments of awe in this Kendle Design, Architect/Desert Star Construction/David Michael Miller, Interiors-designed 6,198 square-foot masterpiece replete with artfully functional details that extends naturally to the outdoors. Camelback Mountain is silently poised nearby, as if offering its blessing to a desert compound made up of the area's natural

21376 N 110th Place Scottsdale, AZ 85255

$14,000,000
5 Beds
6 Baths
10,660 SqFt
Status Active
MLS # 6264705
Property Type Single Family - Detached
Price Type --
Incomparable Single Level Living at Silverleaf. The Estate offers Unprecedented balance between priceless sweeping views of the valley below and Unparalleled Lot location at 2,000 feet. Impeccable Architectural Design by Dale Gardon - Exquisite Features include advanced Apple/Savant Smart Home Technology - Unrivaled Construction by Salcito Custom Homes - The home is in Pristine Condition as Salcito claims 'the work is not simply done once the project has been completed, the property's integrity and value is upheld by ongoing maintenance'. Seller retained the concierge services offered by Salcito to meet specific maintenance needs every noteworthy property deserves to earn. WE WELCOME YOU to consider Silverleaf Life, AS IT IS MEANT TO BE LIVED ! Showings By Advance Notice please.

6149 E Indian Bend Road Paradise Valley, AZ 85253

$12,950,000
5 Beds
5.5 Baths
8,456 SqFt
Status Active
MLS # 6301187
Property Type Single Family - Detached
Price Type --
Hands down the most stunning home in Paradise Valley currently on the market. Another Drewett Works & Brimley Development masterpiece. The sleek lines of the home will draw you in where you will find unparalleled views of Camelback & Mummy Mountain! Vanishing floor to ceiling windows allow you to take in the breathtaking views making it without a doubt an entertainer's dream! 4 bedrooms, all en-suites, office, den, gym, bonus area(or 5th bedroom) & a gourmet kitchen complete with large island, custom cabinets and wine cellar which opens to an oversized great room...nothing has been overlooked. Zero edge pool & spa, plus amazing patios complete w/ an outdoor kitchen, bocce ball court and private courtyard. 6 car garage(room for 4 car lifts allowing for 10 cars) for the car enthusiast!!!

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