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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1713 W Cortez Circle
Chandler, AZ 85224
$500,000
3
Beds
2
Baths
1,809
SqFt
Status
Active
MLS #
6702108
Property Type
Single Family Residence
Price Type
--
Welcome home! This home has been updated just for you! New Flooring, New Bathrooms, New Kitchen, New Garage Door, New Appliances, New Sod in the back yard and much more! The impeccable kitchen is equipped with quartz counters, white shaker cabinets, brand-new stainless steel appliances, a walk-in pantry, and a peninsula with a breakfast bar for casual dining. The main bedroom features soft carpeting, direct backyard access, a make-up vanity, a walk-in closet, and a private bathroom. Enjoy quiet afternoons in the backyard, boasting a covered patio, natural turf, and ample space for hosting weekend BBQs. Don't miss out on this fantastic opportunity!
5419 W Michigan Avenue
Glendale, AZ 85308
$500,000
3
Beds
2
Baths
1,758
SqFt
Status
Active
MLS #
6700979
Property Type
Single Family Residence
Price Type
--
THIS HOME IS PICTURE PERFECT, FROM THE CURB TO THE PERFECTLY MANICURED BACKYARD! IT IS BEAUTIFUL FARMHOUSE DECOR! 3 BEDROOM ALL ON ONE LEVEL, LOOK OUT THE FAMILY ROOM WINDOW TO THE RELAXING BACKYARD THAT INCLUDES A WATERFALL PLAY POOL, FRUIT TREES, GREEN GRASS TURF, COVERED PATIO. TILE THROUGHOUT, NEUTRAL GRAY TONE COLORS, SOARING CEILINGS IN THE MAIN LIVING AREA, THIS HOME BOASTS A CORNER LOT, PAINTED GARAGE FLOOR, CABINETS AND WORK BENCH AREA IN GARAGE THIS HOME SHOWS PRIDE OF OWNERSHIP. NEW AC UNIT, MOVE IN READY!
26034 S Glenburn Drive
Sun Lakes, AZ 85248
$500,000
2
Beds
2
Baths
1,922
SqFt
Status
Active
MLS #
6703236
Property Type
Single Family Residence
Price Type
--
The community of Sun Lakes offers heated pools and spas, a clubhouse, and is known for its active adult lifestyle with various clubs and recreational activities available. The lot of this home is quite large, encompassing 0.27 acres, which positions it on an oversized and corner cul-de-sac lot. Plenty of room for a garden amongst other hobbies you may have. The home includes amenities such as two bedrooms, two bathrooms and an office area.The home has recent updates that include a skylight, HVAC, two screened in patios, hot water heater, solar panels and new windows and doors. Call for the full list and come see it today!!!
2016 S Hammond Drive
Tempe, AZ 85282
$500,000
4
Beds
3.5
Baths
1,883
SqFt
Status
Active
MLS #
6704613
Property Type
Townhouse
Price Type
--
ATTENTION TO ALL interested in such RARE LISTING as this phenomenal 4 BEDROOM, 3 ½ BATH, PRISTINE, BASEMENT TOWNHOME within WALKING DISTANCE of ASU! Four Parking spaces, including the SINGLE CAR GARAGE are a luxury in this area. This sweet property is nestled quietly in a quaint, little PRIVATE CUL-DE-SAC flanked with stately paver-driveways, shaded by the canopy of mature trees and lush foliage. The Interiors are flooded with sunlight from the abundant windows illuminating the FRESH NEW CARPET & PAD, FRESH INTERIOR DESIGNER PAINT, the NEW TOILETS & CONNECTIONS and the LOFTY, LOOMING CEILINGS with Tile in all the Right Places. FRENCH DOORS, SPLIT-OAK STAIR-RAILINGS, BUILT-IN CAN LIGHTING, the METAL ROOF, and almost a PRIVATE BATH PER OCCUPANT are coveted UPGRADES. The efficient GALLEY KITCHEN boasts QUARTZ COUNTERS, STAINLESS SINK with GOOSE NECK FAUCET and some STAINLESS APPLIANCES. This is a MOVE-IN READY property with the REFRIGERATOR, WASHER & DRYER CONVEYING. Three bedrooms & 2 Baths are Second Level. The Great Room, Dining, ½ Bath and Kitchen are Main Floor and the Basement with Bedroom, Full Bath and Laundry offers the option of either a GAME ROOM or OFFICE. EXTRAS include a GARAGE DOOR OPENER & EPOXY FLOOR, INTERIOR SPRINKLERS for Fire Protection, LARGE CLOSETS and an EXTERIOR FRONT PATIO and MASTER BALCONY. ITS PRIME LOCATION near ASU, Tempe Beach Park, Shopping, Restaurants and Freeways: 101, US60, 202 and I-10 make this property a GEM not to be missed!
5764 N 109th Avenue
Phoenix, AZ 85037
$500,000
3
Beds
2
Baths
1,632
SqFt
Status
Active
MLS #
6706146
Property Type
Single Family Residence
Price Type
--
**LIVE LIKE YOU'RE ON VACATION EVERY DAY **IN THIS **STUNNING RESORT-LIKE HOME **GORGEOUS POOL **AND OUTDOOR LIVING AT ITS BEST** SPOTLESS UPGRADED HOME WILL WOW YOU **
544 W Mesquite Street
Gilbert, AZ 85233
$500,000
3
Beds
2
Baths
1,753
SqFt
Status
Active
MLS #
6703512
Property Type
Single Family Residence
Price Type
--
Welcome to a FULLY REMODELED single story home! This house has brand new flooring, upgraded kitchen with new cabinets, new carpet and new interior paint throughout (2024). Great Gilbert location! New water heater is installed (May, 2024). Conveniently located near freeways, 60 Fwy and 202 Fwy. Major restaurants and stores, Costco are located near by. Vaulted ceiling and open floor plan. Ready to move in!
10336 E Naranja Avenue
Mesa, AZ 85209
$500,000
3
Beds
2
Baths
1,704
SqFt
Status
Active
MLS #
6706719
Property Type
Single Family Residence
Price Type
--
You're going to fall in love with the highly desirable Mulberry community! Great curb appeal, tree-lined streets, and fabulous community amenities! Beautiful curb appeal welcomes you into this Craftsman-style home that offers 3 bedrooms & 2 baths in 1704 SqFt with an open great room layout and split bedrooms. The chef's kitchen features espresso cabinetry, granite countertops, stainless appliances, a walk-in pantry, and island with breakfast bar. Sliding doors lead out from the great room to an oversized backyard complete with grass for kids and pets to play on, covered patio, extended paver patio with ramada, and only single-story neighbors. The primary bedroom has lots of natural light and a full bath with dual sink vanity, separate tub & shower, and walk-in closet. Other features* include a spacious laundry room, stone exterior with front porch and cobblestone driveway, and a 2-car garage. Community amenities include two pools, fitness center, basketball and pickleball courts, and a private clubhouse with kitchen. Close to the 202 & 60, restaurants, and shopping. See today!
13744 W Amaranth Street
Peoria, AZ 85383
$500,000
2
Beds
2
Baths
1,800
SqFt
Status
Active
MLS #
6645653
Property Type
Single Family Residence
Price Type
--
In the highly desirable Vistancia Village lies this beautifully presented residence. Along with access to wonderful community features including Swimming pool, clubhouse and sports courts it offers a peaceful corner location. The interiors begin with a long hallway passing the work from home office or sitting room into the open plan living space. This incorporates the family room, gourmet kitchen with modern appliances, dining room and large sliding doors to the patio. The spacious rear yard is the perfect blank canvas for desert landscaping or swimming pool. The primary bedroom suite delivers a large bedroom, a beautifully appointed bathroom and fitted closet. The bright secondary bedroom enjoys a private bathroom and closet. The bright secondary bedroom enjoys a private bathroom and closet. With a 3 car garage, water softener, reverse osmosis and security system it offers a move-in ready opportunity to enjoy this beautiful region.
6420 W Wahalla Lane
Glendale, AZ 85308
$500,000
3
Beds
2
Baths
1,504
SqFt
Status
Active
MLS #
6706934
Property Type
Single Family Residence
Price Type
--
Discover your next home where modern living meets the tranquil beauty of Glendale. Nestled within the highly sought-after neighborhood of The Highlands at Arrowhead Ranch, this 3 bedroom, 2 bathroom residence offers an unmatched living experience that blends comfort, style, and incredible value. Living at The Highlands at Arrowhead Ranch it's about the lifestyle. Residents have unparalleled access to recreational opportunities that make every day feel like a vacation: Surrounded by numerous parks, golf courses, and the Thunderbird Conservation Park, you can easily fill your weekends with hiking, biking, golfing, or simply enjoying nature's beauty. Moments away from entertainment and leisure to the Westgate Entertainment District and the home of the Arizona Cardinals means you're never far from exciting events, shopping, dining, and entertainment options. For those pursuing educational endeavors, the highly desirable Midwestern University is just around the corner, adding to the community's prestige Whether you're an outdoor enthusiast, a sports fan, or someone who appreciates the finer aspects of suburban living, this home in The Highlands at Arrowhead Ranch offers something unique for everyone.
5691 W Cinder Brook Way
Florence, AZ 85132
$500,000
2
Beds
2
Baths
2,119
SqFt
Status
Active
MLS #
6703122
Property Type
Single Family Residence
Price Type
--
Beautifully maintained home in the Active Adult resort community of Sun City Anthem at Merrill Ranch offers 2 bedrooms + den with double doors and 2 baths in 2119 SqFt with an open great room layout. The gourmet kitchen offers an abundance of cabinetry, granite countertops, stainless appliances including a gas cooktop, a walk-in pantry, and island with breakfast bar and pendant lighting. The great room has a built-in media wall with shelving and sliding doors that lead out to the covered patio with ceiling fan and private, fenced backyard. The professionally landscaped backyard includes extensive paver patios, gas firepit, easy-care artificial turf, and colorful desert plants. The primary bedroom has an en-suite bath with dual sink vanity, oversized shower with bench, linen closet, and roomy walk-in closet. Other features include a walk-in closet in the hallway, diagonal tile flooring throughout living areas and baths, carpet in bedrooms, an extended length 2 car garage with storage area and service door; and leased solar panels providing tremendous utility savings. World-class amenities include a resort-style pool and spa, indoor lap pool, walking track, pickleball, bocce, and other sport courts, fitness center, craft/game/learning rooms, a cafe, putting green, and golf course. See today!
106 W Wickieup Lane
Phoenix, AZ 85027
$500,000
3
Beds
2
Baths
1,764
SqFt
Status
Active
MLS #
6706949
Property Type
Single Family Residence
Price Type
--
Welcome to this beautiful property with luxurious features and stylish accents. The fresh interior paint and neutral color scheme create a tranquil atmosphere. The living room offers warmth with a cozy fireplace, and the primary bedroom includes a spacious walk-in closet. The primary bathroom features double sinks for added convenience. The kitchen stands out with an elegant backsplash that complements the island, all equipped with stainless steel appliances. Enjoy outdoor living on the covered patio or cool off in the private in-ground pool in the fenced backyard. A storage shed is available for your storage needs. This property strikes a perfect balance between elegance and practicality, making it a welcoming home for anyone.
17850 N 68th Street
Phoenix, AZ 85054
$500,000
2
Beds
2
Baths
1,092
SqFt
Status
Active
MLS #
6609261
Property Type
Apartment
Price Type
--
LOCATION, LOCATION, LOCATION! UNOBSTRUCTED MOUNTAIN AND CITY LIGHT VIEWS! NEW CONSTRUCTION! Adjacent to hundreds of acres of Reach 11 City of Phoenix hiking trails. 1,000ft away from Lifetime fitness, and within 2 miles to over 3,000,000sf of premier shopping and restaurants including Desert Ridge, Kierland Commons, Scottsdale Quarter, and Scottsdale/101! Home features updated quartz counters, tile backsplash, upgraded kitchen cabinet and laundry cabinets. Plenty of natural light. Community elevators make way for single level living. Private 2 car garage with additional 100sf storage unit.
